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Julio receives utility from consuming food (F) and clothing (C) as given by the utility function u(F,C) = FC In addition, the price of food is $2 per unit, the price of clothing is $10 per unit, and Julio"s weekly income is $50.
a. What is Julio"s marginal rate of substitution of food for clothing when utility is maximized? Explain.
b. Suppose instead that Julio is consuming a bundle with more food and less clothing than his utility maximizing bundle. Would his marginal rate of substitution of food for clothing be greater than or less than your answer in part a? Explain.
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
We have discussed several ways in which industries are organized. Now imagine a newly emerging industry, perhaps born on the internet. Without knowing anything else about it.
Does this production function display increasing, constant or decreasing returns to scale and find the corresponding minimum cost function assuming that w 1 and w 2 are given.
profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
What is the Marginal Rate of Technical Substitution between labor and capital and what is the least cost method of producing the target level of output
Assume that the cost of electricity from a natural gas plant is 5 cents per kilowatt-hour and that the cost of concentrating solar power (e.g., production from a plant like Ivanpah) is 13 cents per kilowatt-hour. Based on our discussion of the ex..
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Over the last 30 years in the United States, the realprice of a college education after adjusting for inflation has increased by almost 70 percent.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Some observers say that changes in the past few years have eroded the monopoly power of local cable tv companies, even if no other cable firms have entered their markets. What are these changes? Do these monopoly firms still have monopoly powers
Is the federal funds rate currently too high or too low, Suppose that a year has gone by, output is now just 1 percent above potential, and the inflation rate was 1.5 percent over the year. What federal funds rate should the Fed now set (assuming tha..
How much substitutability do you suppose exists between inputs in winemaking? How might this factor affect efforts to cut costs?
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