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Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also the consumer has $288 to spend, and the price of X, Px=16, and the price of Y, Py=1:
A. How much X and Y should the consumer purchase in order to maximize her utility?
B. How much total utility does the consumer recieve?
C. Now suppose Px decreases to 9. What is the new bundle of X and Y that the consumer will demand?
D. How much money would the consumer need in order to have the same utility level after the price change as before the price change?
E. Of total change in the quantity demanded of X, how much is due to the substitution effect and how much is due to the income effect?
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the ..
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you are asked questions about 5 mutually exclusive candidates described as follows all quantities are in
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