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As a practice for working with two constraints, find x and y that solve the following problem: Max x*y s.t. 2x+2y<=100 and 2x+y<=60 Where <=is "less than or equal to." (A simple story for this math problem is: suppose you want to fence in a rectangular portion of your yard with as much square footage as possible. You have 100 feet of chain link fence---hence the first constraint. Moreover, you have 60 posts, but need to use twice as many in the x direction as in the y direction--- perhaps the x direction is sloped) The optimal x is? The optimal y is?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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