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Elle's preferences over apples (A) and bananas (B) are represented by the Cobb-Douglas utility function; u(A; B) = AB. (a) Write down the optimization problem. What is the objective function? What are the choice variables? What is the constraint? (b) What are the optimality conditions? Explain. (c) Derive her individual demand curves for apples and bananas as functions of the prices and income. (d) What is her optimal bundle if her income is $100, and bananas are $1 a pound and apples are $2 a pound. (e) What is her new optimal bundle if price of apples go down by 1 dollar? What is the substitution effect of this price change? What is the income effect of this price change?
q.specialty steel has carefully measured production in its new plant to determine whether it is technically efficient
q1. suppose you read in the newspaper that all last week the fed conducted open market acquires and also on tuesday of
Calculate the Herfindahl-Hirschman Indexes for 2006 and 2011. What information does this index tell you about changes in the industry? How does this information differ from the four-firm and eight-firm indexes?
Tomatoes grow well in Kansas. Why do the people of Kansas buy most of their tomatoes from Florida, Mexico, and California?
As price elasticity of supply increases, the supply curve 1) becomes flatter, 2) becomes steeper 3) becomes downward sloping, or 4) shifts to the right?
Do some outside research on recent actions on the part of the Federal Reserve. The Fed is essentially responsible for monetary policy. Describe the functions of the Fed and why manipulation of the money supply has been such a prominent tactic over th..
Second, it will not reduce bene ts for the rst $3,000 earned by the workers. After this, it will reduce bene ts at a reduction rate of 50%. Draw the budget constraint facing any worker under the proposed new program.
q1. explain why wage rates might rise at joes quik print shop. if joe replaces his aging copy machines with state of
If you had $ 4000 now and invested it at 6% simple interest, how much would it be worth 12 years from now? How much would it be worth if you receive 5% compound interest instead of 6% simple interest?
What can be said about the benefits and problems of each dimension (economic, cultural, political and environmental) of globalization? Is globalization a positive force overall?
Which types of taxes are most important at each level of governemnt? Which two taxes provide the most revenue to the federal government?
q.a coal-fired power plant can produce electricity at a variable cost of 4 cents per kilowatt hour when running at its
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