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Jessica's preferences can be represented by a utility function: U(x, y) = max(x, y). Consider a bundle { x = 10, y = 3 }. Draw Jessica's indifference curve containing this bundle. Explain why her preferences are "non-convex"
if the price of breakfast cereal falls from 6 to 3 and this leads to an increase in demand for milk from 30 to 40
Give the percentage change in the rental on capital and percentage change in wage and compare the magnitude of the percentage in the rental on capital with percentage change in wage in part (b). Use notational format.
some companies, referred to as patent trolls, whom purchase these patents in hopes of making money by enforcing patents against alleged infringers. Determine the impact of government regulation against patent trolls. Identify who wins and who lose..
What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.
Now, suppose the U.s. government wants to buy enough wheat to raise the price to $350 per bushel With this drop in export demand, how much wheat would the government have to buy? How much would this cost the government?
ajax cleaning products is a medium-sized firm operating in an industry dominated by one large firm tile king. ajax
If we compare the betas of various investment opportunities, why do the assets that have higher betas also have higher average expected rates of return?
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K)=E^1/2 K^1/4. How much labor and capital should the firm employ in the long run? How..
The Kingdom of the North and the Iron Islands produce 2 goods
a domestic shoe company distributes running shoes and tennis shoes for 95 per pair. the marginal cost of producing a
1. craft unionsboth industrial unions and craft unions attempt to raise their members wages but each goes about it
there are 1500 potential travellers each day on the london-berlin route. some are free-spenders travellers who are
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