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Dennis is only interested in two things, eating food and playing the online multiplayer game Globe of Gratuitous Violence (GoGV) – a close competitor to world of war craft. Dennis’s utility is given by the function € U(q f , qg ) = 0.25ln(qf ) + 0.75ln(qg ) where qf is the quantity of food and qg is the hours of GoGV play. The price of a meal of food is $10, the hourly fee for GoGV is $2.50, and Dennis’s income is $1,000/month. a.) Write the general expression for Dennis’s marginal utility with respect to food and GoGV play. b.) What is the Marginal Rate of Substitution (MRS) between food and GoGV play? (e.g. the rate at which Dennis willing to exchange a meal for another hour of GoGV play, ?qF/?qG?) c.) Assume Dennis has a budget of $1,000/month. Draw Dennis’s monthly budget line, with food on the vertical (y axis) and GoGV on the horizontal axis.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are$100. Investment is $600. Find equilibrium GDP
one of your econ classmates is puzzled by how the wealth effect is a reason for not only the downward sloping nature of aggregate demand (AD) schedule, but also for shifts in the AD curve. Briefly offer an ezplaination that can resolve that dilems..
pricing strategy varies significantly across different market structures. the pricing guidelines in a monopoly market
the demand for Internet advertising was declining at the similar time which the number of Internet sites accepting advertising was increasing
An important implication of the permanent-income hypothesis is that fiscal policy operates with a lag.
sofa manufacturer presently is using 50 workers also 30 machines to produce 5,000 sofas a day.
Roy Rogers the lead broker at C-U Broke is interested in identifying whether there is a difference
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses' prospective, the two products are indistinguishable.
What is the equilibrium price paid by the demanders for merino ewes now. Elucidate what is the equilibrium price received by the suppliers for merino ewes.
The rate at which one input may be substituted for another input in the production process, while total output remains constant
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
The process by which economics test hypotheses against facts to develop theories, principles also models
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