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Consider an individual whose utility function is U = X0.5Y0.5. If she consumes 2 units of X and 6 units of Y, then some level of utility will be experienced. If the individual instead consumes 4 units of X, how much of good Y must she consume in order to attain the level of utility associated with 2 units of X and 6 units of Y?
What explains the relative stability of the price of gold from 1968 to 1971? What implications do the movements in gold prices since 1971 have for an attempt to reestablish a gold standard?
david wants to buy a machine for his firm. he expects to incur the maintenance cost of 500 at the end of the 1st year
The BLS reports several different measures of unemployment rates. For example, the official unemployment rate (and thus the most reported) is called.
What conditions exist when economic profits are maximized and what is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a..
A consumer likes sugar in her coffe, but she simply cannot taste the difference between a cup of coffee with n grams of sugar in it and a cup of coffee with n+1 grams. Suppose a teaspoon of sugar is 6 grams, and suppose she takes her coffee with one ..
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
An improvement in production technology for a specific good will cause a(n):
What will be the dynamics of the capital stock in the long run - how will the consumption level of a typical citizen evolve over time and What savings rate would give rise to the golden rule level of capital?
Calculate the contribution margins (total dollars and per unit) of Divisions X and Y, as well as the company as a whole, if transfers are made at market price.
1. two individuals fred and helen in an economy with no production each have the utility function u 10xy. prices of
Of course we want your final conclusion and recommendation on what the company should do regarding the location issue, as well," he says."What type of presentation do you have in mind, Lester?"
he average product of labor is the total quantity of units produced divided by number of working hours. The marginal product of labor is how many extra units are produced if we add one more unit of labor:APL = q/L , MPL = Δq/ΔL
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