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Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ).
–Solve for the marginal utility of both “wabbits” and duck.
–Write the tangency condition, what can you tell me about Elmer’s preferences?
–Suppose that the price of hunting Duck is $5.00 and the price of hunting “wabbit” is $3.25. If Elmer has $150.00 to spend how much duck and “wabbit” should he hunt?
Use a supply and demand diagram to show how that response will change the combined amount of consumer surplus and producer surplus in the market for cashews. Given the initial equilibrium price P1 and quantity Q1, use the shader tool provided 'Initia..
As the price of Adidas basketball decreased, Kobe bought additional Adidas basketballs and less Nike basketballs. Which of the following expressions clarifies Kobe's decision to purchase more of Adidas basketball?
J&M Company is a real-estate developer considering a 40-unit apartment complex in a growing college town. As the area is also booming with foreign automakers locating their U.S. assembly plants the firm expects that the apartment complex, once built,..
Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barl..
What would the impact of a virus that infected the midwestern corn crop on the price of wheat and the quantity of of corn. Use two graphs one for corn and one for wheat.
Explain how many hours of leisure does she consume. How many dollars of consumption does she consume.
Let P be the price of a stock. The broker has an initial margin requirement of m0, where 0
Also during that first year, the cookie business incurred costs that required outlays of money amounting to $9,000. What was Zach's economic profit (loss) for the year.
What is the value of the world net loss from the cartel (deadweight loss)? Instead of maximizing profit, the cartel wants to maximize revenue or market share, at what price should it sell its product?
Suppose the price elasticity of demand for heating oil is 0.2. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of the heating oil demanded? use the mid-point method.
Two rms sell identical products and compete as Cournot (price-setting) competitors in a market with a demand of p = 150 - Q. Each rm has a constant marginal and average cost of $3 per unit of output. Compute each rm's best response function. Plot eac..
What government policies are available to reduce domestic demand in the medium run. Identify which components of domestic demand each of these policies affect.
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