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The Charm City Bakery makes coffee cakes and Danish pastries in large pans. The main ingredients are flour and sugar. There are 25 pounds of flour and 16 pounds of sugar available. The demand for coffee cakes is less than or equal to 4. Five pounds of flour and 2 pounds of sugar are required to make a pan of coffee cakes, and 5 pounds of flour and 4 pounds of sugar are required to make a pan of Danish pastries. A pan of coffee cakes has a profit of $4, and a pan of Danish pastries has a profit of $6. Determine the number of pans of cakes and Danish pastries to produce each day so that profit will be maximized.
(a) Formulate a linear programming model for this problem.(b) Find the optimal solution of this model by hand using the corner points graphical method.
A lawyer who runs a beat up car also wears frumpy clothes may have a hard time getting clients. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
In a certain economy, the multiplier for government purchases is 2 and the multiplier for changes in fixed taxes is 1.5. The government then proposes to raise both spending and taxes by $100 billion.
Illustrate what policies would you implement to help the economy reach full employment.
What is the current total investment? b) What is the current unintended investment? c) Is this an equilibrium outcome? d) What do the Keynesians say will happen to real GDP?
These actions have caused violent protests. Should the U.S. follow their example? What would be the consequences of just printing more money to pay the debts of the government?
Assume Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import.
An economist's use of the term "rent" differs from everyday usage in that in the economist's understanding, economic rent is the price paid for the use of all resources that are completely variable in supply. includes any security deposit that mus..
How would multiplying a positive constant to a linear demand function affect its own-price elasticity of demand? In particular, how would the elasticity of demand of \(Q_{x}=a+bP_{x}+cP_{y}+dI\) at a point compare with the elasticity of demand..
Airline travels (good X) and driving interstates (good Y) are known to be substitute goods. suppose that a leading airline offers a steep discount on all routes. In the context of the market quantity supplied and quantity demanded diagram.
Please provide the reference info. for the articles found so that I can read and understand the issues.
Now assume the government increases spending, reducing the country's savings rate based upon this change. What is the effect on the government spending on the economy.
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