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Suppose that Pete is currently consuming at a level in which his marginal utility of consuming an extra pizza (X) is 10 and his marginal utility of consuming an extra beer (Y) is 2. Assume that his preferences are convex. a. (2 pts) What is Pete’s MRS of pizza for beer? That is, what is the number of beers that he is willing to give up to get one more pizza? b. (6 pts) Suppose that the price of a pizza is $8.50, and the price of a beer is $2.50. Is Pete maximizing his utility at his current consumption? If not, how should he change his bundle to reach his optimum? Explain your answer using the marginal utility condition at the optimal choice.
Alejandro scoobert owns a store specialization in soccer jerseys. Illustrate what was the value added to Alejandro store in 2008.
Find out QD and QS when cost of good X is $12.00. Is re a surplus or shortage. Illustrate what should happen to cost of Good X to drive it to Equilibrium.
Cigarettes are also heavily taxed. Illustrate what effect does this tax have on cigarette consumption
Show where or not above production function exhibits diminishing marginal productivity of labour. Determine nature of Return to Scale as exhibited by above production function.
Anation's consumption function (expressed in millions of inflation- adjusted dollars)is: C=200+.80*DI. what is value of autonomous saving.
How will the unemployment rate during the current period compare with this economy's natural rate of unemployment? What will tend to happen to resource prices in the future?
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. Illustrate what evidence of excess supply or excess demand can you cite in these examples.
Why people at buffet s put more on their plates and eat more the greater the variety of items they have to select from.
Illustrate what are the examples that producers take advantage of the internet to implicitly fix the prices.
If income elasticities are equal for all goods, then all Mashallian demand functions must be downward sloping.
Assuming labour demand is downward sloping and that the labour market is competitive, what happens to national income as a result in immigration.
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