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Cory has the utility function U(X,Y) = X + 16*root(Y) , where X is the quantity of water consumed, and Y is the quantity of coffee consumed. Let the price of water be Px = 1 and the price of coffee be Py = 4. Let I represent income.
a) If I = 8 what are the quantities of water and coffee that maximize Cory's utility subject to his budget constraint?
b) What is the marginal utility of income when I = 8?
c) If I = 32, what are the quantities of water and coffee that maximize Cory's utility subject to his budget constraint?
d) What is the marginal utility of income when I = 32?
Sunflower Inc. is a major supplier of reverse osmosis and ultra filtration equipment, which helps industrial and commercial customers achieve improved production processes and a cleaner work environment. Compute Sunflower's optimal price/ output com..
Identify the international organization that makes loans to developing countries.
What will be the complete and final impact on the GDP if the Federal government increases spending and simultaneously increases taxes to pay for the additional spending?
Suppose that the pre-tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the government. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax bur..
Suppose an economic agent has a utility function U = Ln (R). Assume R is the return on investment and utility is the natural log of investment. If the investment is highly successful then the agent earns $10000. Calculate the expected utility of the ..
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50%, approximately how much tax needs to be added to a $1 pack?
Econ 3305 - Is the publishing house making the optimal input choice? Why or why not? If not, how should the manager of Largo Publishing House adjust input usage and What is average variable cost?
Tammy was shopping in Save-a-Lot Grocery Store when Stewart, an employee, brushed Tammy’s ankle with a grocery cart. A short time later, while still shopping, Tammy told Stewart that he should say “Excuse me,” and then people would get out of his way..
Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which doe he prefer:
Why are heteroscedasticity, multicollinearity and serial correlation a problem in regression model reliability?
Many insurance companies sell health insurance plans to companies. In these companies the employees pick the plan, but the set of offered plans is determined by the company. Recently, Blue Cross-Blue Shield, a health insurance company, ran a televisi..
Suppose that the production function for floppy disks is given by Q = KL2 L3 where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor flow of capital service. a) Suppose K=600. Find the total produc..
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