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Microsoft Word - Review Questions Quiz 1.docx
Manning only consumes goods X and Y. His marginal utility from consuming good X is 4, and his marginal utility from consuming good Y is 5. If the price of X is $6, the price of Y is $8, and Manning's income is $48, how much of good X will he purchase?
Give some examples of waiting lines in everyday life. What decisions should managers of such systems consider? Try to consider the production line as well as waiting in the queue.
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
1. what is the current federal funds rate?2. what is the current federal reserve discount rate?3. have these rates
How much output should the firm produce in the short-run and what price should the firm charge in the short-run - what are the firm's short-run profits
A currently owned shredder used in a refuse-powered electrical generating plant has a present net realizable value of $200,000 and is expected to have a market value of $10,000 after 4 years. Operating and maintenance disbursements are $100,000 per y..
The utility function of a consumer is given by U = log(b) + log(c) where b and c are the consumption levels of barley and corn. Assume that the price for both goods is $1 and that the consumer has an income of $100. Assume that the government introdu..
Discuss, with the help of Krugman-Obstfeld-Melitz' AA- and DD-curves, the effects of a contractive fiscal policy (a decrease in government spending) on the interest rate, the nominal and real exchange rates, output and the price level.
Monopoly a) Marginal Revenue A single seller of a video game console faces an aggregate demand of P (Q) = 500 -Q/2000 i. What is the total revenue function? ii. What is the marginal revenue?
suppose you are a painter and the price of a gallon of paint increases from 3.00 a gallon to 3.50 a gallon. your usage
consider this topic and converse with your fellow classmates about choice, opportunity cost, and comparative advantage with regards to personal brand in social networking sites and/or associations you might belong to.
Explain what the quote, "Too many cooks spoil the pot" has to do with the law of diminishing marginal returns.
after hearing of you taking this course in business economics uncle dan has e-mailed you asking for advice on his
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