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Al has found $1,000 and has decided to divide it between his children, Bud and Kelly. Suppose that Bud is rich and Kelly is poor. Assume that the marginal utility provided by a dollar declines the richer you are. If Al is concerned with increasing both of his children's happiness equally with his money, how should he divide the cash?
He should give $1,000 to Bud and nothing to Kelly.
He should give Bud and Kelly each $500.
He should give more than $500 to Bud and less than $500 to Kelly.
He should give more than $500 to Kelly and less than $500 to Bud.
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Use the following FOC for schooling: f'(s) = r(f(s) + c(s)), in which s is total time in school (e.g., years of school attained), f(s) is the adult wage while working, and c(s) is the direct cost of school (tuition, transport, uniforms, etc.). For th..
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The _________________is an artificial unit by which utility is measured. The change in total utility due to a one-unit change in quantity consumed is called _____________________.What is the utility maximizing or optimization condition?
what is lowest price that will induce firms to supply output. Suppose PI = $40, F = 50 and demand function is Qd = 700! 6P, n if government sets a price of $50 what will be result.
Explain how does the existence of money reduce the costs of making transactions relative to a society based entirely on barter.
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Assume that a country’s real growth is 2 percent per year, while its real deficit is rising 5 percent a year. Can the country continue to afford such deficits indefinitely? What problems might it face in the future?
Suppose that a firm is using quantity k of capital input and quantity l of labor input to produce output level q0. Further suppose that, at this input combination, the rate of technical substitution (RTS) is 2. Assume also that w = $1 and v =$1, wher..
Christine bought a BMW when she came to LA as a County Judge. The BMW was purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12% per year with quarterly compounding. What was the amou..
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