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Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20.
(a) How much of each good will he demand?
(b) A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay the same. How much of good x does he now demand?
(c) Would Edmund be as well off as he was before the tax if when the tax was imposed, his income rose by an amount equal to $1 times the answer to part (b)?
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You graduate from UAlbany and receive a job offer that includes a "retention" or "stay" bonus. At the end of 3 years the employer will pay you $50,000 to offset your tuition. a. What is the value of this assuming you use 3% to discount the future? b...
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Suppose the demand curve for a monopolist is q=500-p, and the marginal revenue function is mr=500-2q. The monopolist has a constant marginal and average total cost of $50 per unit. Elucidate what is the lerner index for this industry.
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