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A worker has a utility of income function defined by U = √ Y.
(a) Plot this utility function for values of income in the range 1. . . 36.
(b) Suppose the individual this time period has Y = 16, and he has a 50% chance of seeing his income increase or decrease. If it decreases we know it will fall to $1. If it increases, by how much would income have to increase to leave his expected utility equal to the level he attains when he gets an income of $16 with certainty?
A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain.
Consider a hypothetical labor force dynamics scenario for the month of November 2010. The stocks are the following: unemployed (U) = 5 million, employed (E) = 10 million, and Not-in-the- LF (~LF) = 3 million. From the beginning of November to the ..
Assume that Hong Kong and Taiwan can supply computers to Ecador at a per-unit price of $300 and $500, respectively. With free trade, how many coputers does Ecuador import From which nation does it import
Consider the indirect utility function: v(p1; p2; m) = m /(p1 + p2) a. Derive the Marshallian demand functions.b. What is the expenditure function c. What is the direct utility function
Customer Group B is willing to pay $29,000 for the SUV and $1,000 for the towing package. Assuming the manufacturer cannot price discriminate but can bundle the products or sell them separate, which of the options below maximizes its revenues
how much does the economy have to grow potential output is 3.5 and the unemployment rate is 7.3 in 2014 to bring the
Blockbuster Movie Rentals has market power in the previously viewed video sales market. The demand curve for blockbuster movies is QD = 10 - 0.4P -> P = 25 - 2.5Q. Blockbusters marginal revenue function is MR(Q) = 25 - 5Q.
Colette and Hans both consume the same goods in a pure exchange economy. Colette is originally endowed with 15 units of good 1 and 12 units of good 2. Hans is originally endowed with 97 units of good 1 and 4 units of good 2.
A certain town has yearly exports that total $40 million. It has no imports. The town's marginal propensity to consume residence expenditures from their income is 0.15 The town's marginal propensity to spend on other things is 0.65
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
The banking market in Athens, Ohio, currently has four banks with market shares of 60%, 20%, 15% and 5%. The two smallest banks have proposed merging. Under the standard merger guidlines of the Federal Reserve and the Justice Department.
Compare and contrast the simple (deer and beaver) and complex (Glasgow factories) versions of Adam Smith's theory of value.
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