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U(X,Y)=lnx +2lny
a) What is the optimal choice when the consumer faces a budget 3x+y=225? call this bundle A(25,150)
b) Suppose Px becomes 5, giving us 5x+y=225, what is the new optimal? with bundle (15,150)
c) Suppose the consumer's income increases to M, find M if it is known that bundle A is on the new budget line 5x+y=M (275)
d) What is the consumer's optimal choice with budget 5x+y=M (18 and 1/3, 183) (use M that you found in part C) call this bundle D
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Two drivers - Tom and Jerry - each drive up to a gas station. Before looking at the price, each places an order. Tom says, "I'd like 10 gallons of gas." Jerry says, "I'd like $10 of gas." What is each driver's price elasticity of demand?
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1.A bank has $1 million in vault cash, $5 million in short term Treasury securities and $20 million in deposits at a Federal Reserve Bank.
If you need a rate of return. Illustrate what is the highest price I should be willing to pay for this stock.
Explain how you think the US should handle a situation like the AIDS medication? Your post should be at least 300 words.
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At this time, the United States is not part of this agreement, and thus does not fall under its jurisdiction. Construct an argument for joining such a treaty, detailing the benefits that international treaties may offer their members and which als..
The price elasticity of demand for a textbook sold in the US is estimated to be -2.0, whereas price elasticity of demand for books sold in overseas markets is -3.0.
The question used this table that demonstrate the value of GDP in the nation of Purintania. The figures demonstrate are in millions of 1980 dollars and current dollars.
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