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Suppose a consumer's preferences can be represented by the utility function: U(X,Y)=X^3/5Y^1/4
a. Derive the function for the marginal rate of substitution holding utility constant
b. Derive the demand curves for the two goods, X and Y.
From an economic perspective, reprocessing is a money loosing proposition since we derive negative profits from it.
Provide reasons to explain what government would have to do to keep the unemployment rate at 3 percent."
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. Explain how will impact BlackSpot bottom line.
A manager tells his workers that they must perform their duties in the exact manner and order that he has commanded, with no exceptions. He is using
Believe that they must be able to explain people's tastes in order to elucidate what happens when tastes change.
q1. explicate four of problems with the argument which trade protection is needed to protect american jobs.q2.
Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product"
When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because:
Elucidate how much will the government spend in total. Elucidate how much does producer surplus increase.
Galbraith (1962) present eight assumptions about the causes of poverty (pages 15-19). Please select one of these assumptions and discuss its merits and possible remedial actions.
There are 10 consumers in a market, each with identical quasilinear demand equal to u(x,y) = ln(x) + y. What is the total market demand? (i.e. what is the relationship between the price and the total market demand?). What is the elasticity of demand?
Suppose Jane has a one third chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Jane does not become disabled, she will earn her usual salary of $60,000. Jane has the opportunity to purchase disability in..
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