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Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
She tells her friend that the additional utility she would get from the second pair of sneakers is the same as the additional utility she would get from the fifth sweater.
q1. suppose the parliament passes legislation making it more difficult for firms to fire workers e.g. law requiring
Constant returns to scale occur when. Total fixed costs
Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15. If..
The European Union (EU) and United States (US) demand and supply equations for corn are: QDEU = 70 – (1/2) PEU QSEU = (1/5) PEU QDUS = 86 – (3/5) PUS QSUS = 30 + (4/5) PUS where QD and QS represent the quantities demanded and supplied in both countri..
Suppose the demand for oranges in the U.S. is: P = 5.35 - .012 Q. Where Q is the quantity demanded for oranges in the U.S. (measured in millions of boxes per year) and P is the price per box.
During the last year, the demand for books has been falling. At the same time, some industry observers expected that several smaller book manufacturers might exit the market due to the strong competition imposed by Kindle. Can you tell for certain wh..
What are the differences between economic and accounting concepts of cost? How are prices determined under perfect competition? How are prices determined under monopoly?
Simply speaking increasing inventory turnover is an important goal for retail manager. Illustrate what are the consequences of turnover that's too slow.
Historians have debated whether or not a “Market Revolution” took place in the United States during the first half of the nineteenth century. Was the Market Revolution simply a “transportation and communication revolution,” or is there evidence that ..
Under very high rates of inflation, why would people prefer to use a barter system to buy goods, rather than use paper money.
3-Consider two communities. In Winchester two families earn $20,000 each, six families earn $50,000 each, and two earn $60,000 each. In Media four families earn $30,000 each, two earn $40,000 each and four earn $70,000. Which community has the more u..
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