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Hans receives utility from consuming F and C as given by the utility function U(F, C) = FC. In addition, the price of F is $2 per unit, the price of C is $10 per unit, and Hans' weekly income is $50. a. What is Hans' marginal rate of substitution of C for F when utility is maximized? (To be clear, we mean the value of F in terms of C). Explain. b. Suppose instead that Hans is consuming a bundle with more F and less C than his utility maximizing bundle. Would his marginal rate of substitution be greater than or less than your answer in part a? Explain
Employees at Foxconn factories described in the e-Activity worked more hours than allowed under Chinese labor laws. Yet the violation of these standards is widespread in manufacturing and the demanding treatment of workers is commonly accepted. Co..
Suppose the price of housing stays at 2 and the price of food stays at 10. What will happen to her budget constraint if her income increase to 100? What happens to her budget constraint when her income decreases to $20.
Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage r..
Explain how each of the folloowing variables will be affected by proposed steps that you have identified in the first part of the decussion: Money supply, interest rate, inflation rate, aggregated demand and output.
Industry studies often suggest that firms may have long - run average cost curves that show some output range over which there are economics of scale and wide range of output over which long- run average cost is constant; finally, at very high out..
explain the points in the process where the vendor has an opportunity to add value, be sure to answer the following questions, how does value vary for a large purchase versus a smaller one, does adding value cost money
Your local government needs to increase tax revenue. To increase tax revenue it can either increase the property tax on residential property or increase the property tax on all property. The government wants to impose the smallest excess burden po..
In Tobin s analysis of the speculative demand for money, people will hold both money and bonds, even if bonds are expected to earn a positive return. Is this statement true, false, or uncertain? Explain your answer.
Find a market price for hydrogen gas and normalize the energy content compared to the current local price of gasoline. Using octane as an approximation for gasoline energy content, compare the cost per kilojoule of energy of hydrogen to gasoline.
This basic one costs $4,000 for the employee this year, plus $2,500 for the spouse, and $2,500 for any number of children. It also has a family deductible amount of $2,000 before benefits (80% paid; 20% co-insurance) kick in.
IBM Company has a reputation for not necessarily making new technology, but acquiring relatively new firms with innovations and successful technology.
The price of capital, labor and materials are r, w, and m respectively. (1) In the short run, the amount of capital is fixed at k=k0. What are the conditional demand functions for labor and materials in the short run? (2) what is the short run total ..
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