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A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M). a) Determine if there is a diminishing MRSH,M for this utility function. (1 point) b) The consumer has an income of $24 per week. The price of a hamburger is $2 and the price of a milkshake is $1. How many milkshakes and hamburgers will he buy each week if he maximizes utility?
Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indicate the profit as an area on your diagram. Show the deadweight loss.
General Electric paid its line workers $10 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 80.
the top ten percentile cutoff was 95 points. a. What is the standard deviation for the class? b. What percentile did you score in?
this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price elasticity of apple sauce and pork chops at a pork chop price of $6?
Illustrate what change in the economic enviJorgement led to this new equilibrium.
Are there any studies that explore the higher net present value (NPV) of education in countries with higher Gini coefficients? Additionally, do any of these studies include the impacts of economic mobility as a reducing factor of the NPV or price of ..
The company ises MACRS depreciation and its marginal tax rate is life of 5 years). The 10 cars were sold at the ending a MARR of 10% and using NPW, determine if this was a good investment on an after-tax basis.
The new extruder will increase the company's annual income by $90,000. Maintenance and operating costs are expected to be $4,000 during the first year and to increase by $1,200 each year. XYZ uses a before-tax MARR of 12% for its preliminary economic..
Assume you are part of a research team evaluating a proposal to clean up a dangerous squander site.
Patents allow a company to have a monopoly for a period of time. Monopolies result in lower quantity supplied and higher prices to consumers. Do you think companies should be allowed to obtain a patent on a product or not?
The legislature has stated that the $.03 tax will increase goverment revenue by $300,000 per month and raise the price of gasoline by $.03 per gallon. is this correct.
If an asset costs $15,000 and after 3 years the salvage value is $2,000, what is the book value at the end of year 2 using SOYD? What does MACRS stand for? A new motorcycle costs $4,000 and has a lifespan of 10 years. The salvage value is $500. Using..
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