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For each of the following utility functions, find the marginal rate of substitution function, MRS, and plot the indifference curve for which the consumer reaches a utility level of U = 10.
a. u(x1x2)= x1x2
B. u(x1x2)= 2x2
C. u(x1x2)= x1+x2
D. u(x1x2)= min{x1,2x2}
E. u(x1x2)= x2+x21
If all firms raised their prices by 5 percent, by how much would total demand fall?- What is the price elasticity if a single firm raises its price with other firms' prices unchanged?
Flawed reasoning. Identify the flaw in reasoning in the following scenarios. Explain what the individuals in the study should have done differently if they wanted to make such strong conclusions. Based on these results, the school officials conclude ..
Compute the population size that is compatible with the maximum sustainable yield. What would be the size of the annual catch if the population were to be sustained at this level?
Assessment Title: Lab Report - 555 timer with filter. Design: PWM design- Give reasons for the specific design presented and used and Calculation details of frequency, duty cycle, and component values. Filter design - Calculation of component values
Estimate the cost of a 40-kW unit of the same general design. Include the cost of the $18,000 pre compressor.
Consider a forest with 100,000 tons of standing timber and a growth rate of 5,000 tons of biomass per year. At a price of $100 per ton, what is the value of the forest if it is clear-cut versus the value of a sustainable management policy in which..
What are the four primary elements described in the definition of auditing?
Create a chart that compares and contrasts the theories including the main theorists, a selection of countries using each model, and a summary of where the economic power lies (i.e., people, market, government).
Visit the International Monetary Fund website, located at http://www.imf.org/external/index.htm, Compare and contrast two (2) advantages and two (2) disadvantages of utilizing international economic policy coordination for the world's financial sy..
In a paper, provide a detailed explanation of how the knowledge gained in this course provided you with an understanding of a critical component of project management: EVM, financial and costing management techniques. How would you define EVM, fin..
The price elasticity of demand for a good or service will be greater in absolute value if many close substitutes are available. In at least three well composed paragraphs, please explain this economic behavior and provide two examples.
Hinduism, Confucianism and Buddhism are three of the world’s great belief systems. Compare and contrast their impact on the societies that embraced them.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Provide each of the subsiquent price elasticities, determine whether marginal revenue is positive, negative, or zero.
Which policy – the tax or the subsidy – would cause less pollution to be discharged into the river? Explain.
A growing economy means that the economy is producing more and more "stuff", either because it has more resources (workers), or uses those resources more productively (smarter, better workers, working with better machines and systems).
Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic produc..
Suppose you are producing 2 units of output (Q = 2), if you want to produce one extra unit of output (Q = 3), what would be the marginal cost? (Show your work.) If the market price is given as $55, how much output will the perfectly competitive fi..
What do you think large corporations like Microsoft and WalMart should be regulated more or less than they are.
Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium.
Capital and labor are perfect complements in production for this firm - production process
A lot of abbreviations are used in the economics world. What does NYSE stand for?
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