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An individual purchases quantities a, b, and c of three different commodities whose prices are p, q, and r, respectively. The consumer spends m dollars, where m > 2p, and the utility function is given by
U(a,b,c)= a+ln(bc)
Show that the optimal expenditure on the second and third good is equal to p (that is, show that when utility is maximized, the expenditure on each of the second and the third good is equal to p).
Find a, b, and c when utility is maximized (you may assume Lagrange multipliers corresponds to the maximum solution).
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In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
Hillary spends all her income on milk and cookies. Graph Hillary's budget line when income = $20, Pcookies= $1 & Pmilk= $2. Pick some point in the middle as her optimal choice and draw in the appropriate indifference curve. Redraw the two budget line..
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Analyze the government’s role in the protection of the environment. Be sure that your analysis includes a look at one of the following: conservation, environmentalism, protection, global warming, and energy concerns.
A small consulting engineering company bought an office building for $900,000. The company has eight engineers and eight support staff. Monthly expenses for for salaries, utilities, grounds maintenance, etc., are $110,000. Use an average billing rate..
Explain what would happen to the price and sales in the movie theater ticket prices if the following occur: (1) a decrease in the price of DVD rentals, (2) Increase in the price of concessions at the movie theater and (3) Increase in theater worker's..
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If the price elasticity of demand is E = -1/2, a 10% increase in the price will
Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this difference?
Consider a Cobb-Douglas utility function of the type u(x,y) =x2y2. The prices of the two goods x,y are px = $2 and py=$4 consumers income is given by m=$100. find the optimal basket containing these two goods. find the demand functions for x. Must be..
you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Because Americans tend to work more hours than Europeans, should the US government also legislate ..
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