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Please simplify the definition of random walk for me.
Consider the inter-temporal model of consumption of a household who has a first period income of 300 and a second year income of 330. The interest rate is 10%. The household saves 100 in period one. a) Write the budget constraint of period one and..
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 250 - 40Q, and your cost function is C(Q) = 10Q. a. Determine the optimal two-part pricing strategy. Per-unit fee: $ Fixed fee: $
During spring break, students have an elasticity of demand for a trip to Florida of -3. How much should an airline charge students for a ticket if the price it charges the general public is $360 Assume the general public has an elasticity of -2.
How to find equilibrium GDP with various tax rates How do put these equations together to figure this outGovernment purchases, taxes and net exports are all zero.
Susan consumes apples and bananas. Her utility function is given by U(A,B) = AB where A is the quantity of apples and B is the quantity of bananas. Sarah is maximizing her utility by consuming 5 apples and 10 bananas. With the number of apples on ..
what unemployment rates would we expect to see in this economy?b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) ..
Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally con¬tracts to buy Smith's house for $100,000, with the closing (transfer of the deed) to take place on J..
Imagine that there are 1,000 consumers who have preferences consistent with the same quasi-linear utility function (ui[x1; x2] = 10 ln[x1] + 10x2, which impliesMRS = ). (a) Sketch the individual consumer's demand curve for good1.
Suppse a consumer utility derived from consuming banana is described by the function U=10X+3X^2-(1/3)X^3. Compute marginal utility. a. Make a table showing total and marginal utility for X from 0 to 7 units. b. Would this individual ever choose to c..
Suppose M=$100, and prices are P1= $20 andP2= $20; calculate the utility maximizing quantities ofX1 and X2. If price of good 1 drops to $10,what would be the demand for X1. Using this information,draw a demand curve of X1.
Transportation costs per 1000 units 800 1,100 950 Which location would minimize the total costs, given an annual production of 50,000 unit for what levels of manufacture and distribution would each ..
For each of the following cases, calculate the arc price elasticity of demand and state whether demand is elastic, inelastic, or unit elastic. When the price of milk increase from $2.25 to $250 per gallon
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