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Good X and good Y are complements. U(X, Y) = min (5X, 4Y). Price of X is $5 and price of Y is $4. The total income is $80. (a) Write the consumption ratio of good X and good Y. (b) Write the budget constraint. (c) What is the consumption bundle to maximize the utility level? What is the maximum utility level?
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
State two economic principles of taxation and which principle best justifies the excise tax on gasoline, when the tax revenue is used to maintain or improve the roads.
Discuss how a purely competitive firm might gain market power (and therefore no longer be a purely compettiive firm). Be detailed and specific. Why would a firm wish to gain market power? How would the firm's success in gaining market power affect th..
What is contractionary fiscal policy? What is the purpose of contractionary fiscal policy? What are the possible contractionary fiscal policy solutions? What is built-in stabilizer in fiscal policy?
Scarcity forces society to come up with a mechanism to determine how output is to be distributed. If society decided not to use price as an allocative mechanism (price determines who receives goods and services), then what would you suggest as an alt..
Illustrate what price should firm charge to realize targeted profit. Illustrate what would be its (cost-based) mark-up ratio.
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% inhalation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2 ...
Compare and contrast the facility costs of VectorCal and the US Government. Determine at least two advantages for using facility costs for both VectorCal and the US Government. Explain your rationale. "Procedures of FCCOM".
Assume the average whole price of a wireless phone is curently $50. Do you think this company should enter the market.
Kelly tells Jimmy she will pay him $1,000 if he builds a shed in her backyard. Kelly is a(n) Livewire Company and McCoy's Candy, Inc., sign a document that states Livewire agrees to design a Web page for McCoy's, which agrees to pay for the service. ..
What would an increase in government purchases do to aggregate demand? When would an increase in government purchases be an appropriate countercyclical fiscal policy? If the current budget shows a deficit, what would an increase in taxes do to it?
The statistcs shows that government antimonopoly policy has been applied more harshly to the textile industry than the automobile industry. Can you give an alternative explanation for the difference in the number of firms in the two industries?
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