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Utility is given by the function U(x,y) = (x + 2)^0.6y^0.4. Income is I and the prices of x and y are respectively Px and Py. Solve for the optimal quantities of x and y. Are corner solutions possible?
Suppose in the first quarter of the year, Real GDP was $400 billion; in the second quarter it was $398 billion; in the third quarter it was $399 billion; and in the fourth quarter it was $395 billion. Has there been a recession? Briefly explain how e..
How much the quantity of a good traded changes after a shift of the supply curve depends on the size of the shift.
U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and illustrate what does it not tell us, about the well-being of U.S. residents
what part of the change in Sarah's demand was due to the income effect and what part was due to the substitution effect?
Explain how did the marketer of which product you purchased direct each of those four elements of the marketing mix to influence your purchase?
Suppose apples also oranges are substitute. Presume apple growers launch a very successful advertising campaign that convinces consumers apples are a better product.
Explain why is presidential power "conditional" - that is, why is affected so substantially by circumstances, the makeup of congress, and popular support.
The type of manuscript for this book was typed for free by a friend. Had I hired a secretary to do the same job.
q.suppose the market demand for apples is given by qd 1600-100p and there are two firms operating in it each with a
Principles of Economics: Supply and Demand Curves. It is important that you are able to apply demand and supply analysis to events that you experience or read about in your life.
Assume a fixed cost for a process of $15k. The variable cost to produce each unit of product is $10 and the selling price for the finished product is $25. which of the following is the number of units that has to be produced and sold to break-even..
You purchased an immediate annuity which pays you $3,000 each year from next year for 15 years. Assuming interest rate is 5%, how much is the equivalent present value of these payments? The future value of $1,000 saved for 20 years at 5% interest is:
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