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Suppose that U = min{2X, 0.5Y}, where X is units of good X and Y is units of good Y. The price of good X is $1 and the price of good Y is $2. What is the minimum expenditure necessary to achieve a utility level of 100? The consumer's budget constraint is $6 = 0.50G + P, where G is packs of gum and P is bags of pretzels. If the consumer's utility function is U = G^0.5*P, what is the utility-maximizing bundle of gum and pretzels? (Note: The marginal utility of pretzels MUP = G^0.5 and the marginal utility of gum MUG = 0.5G^-0.5*P.) Nancy's ratio of marginal utilities for coffee and lipstick is 3/1, while the price ratio of coffee to lipstick is 1.5/1. Which of the following statements is TRUE? I. Coffee provides Nancy with 3 times the utility of lipstick. II. Nancy could increase utility by decreasing her consumption of coffee by 3 units and increasing her consumption of lipstick by 1.5 units. III. Nancy could increase utility by decreasing her consumption of lipstick by 3 units and increasing her consumption of coffee by 2 units. IV. Nancy could increase utility by decreasing her consumption of coffee by 1 unit and increasing her consumption of lipstick by 3 units.
The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says, “…OPEC’s eleven numbers are all developing countries whose economies are heavily reliant on oil export revenues.They therefore seek stable oil pric..
Total cost and total variable cost are parallel, yet average total cost and average variable cost are not parallel. Demonstrate mathematically that ATC and AVC are not parallel.
The aggregate demand curve slopes decrease, because when the price level is reduce, people can afford to purchase more, and aggregate demand increase.
budweiser now owned by a belgium based beer company called inbev miller and coors who together produce 85 of all beer
suppose in the short run a perfectly competitive firm has variable cost 3q2 and mc 6q where q is the quantity of
Suppose that due to a new government study, consumer preferences for chicken suddenly increase. In the model of consumer theory, this would be represented by, During the 1990s, some countries lifted price ceiling on eggs.
roberts new way vacuum cleaner company is a newly started small business that produces vacuum cleaners and belongs to a
1. if a firm best computer buys requires its customers to buy software from it whenever the customers purchase a
Calculate the mean and standard deviation of 1-year and 20-year Treasury Constant Maturity Rates data series. Using the graphs and the results
Evaluate this statement: " profit-maximizing firms lack an incentive to provide job safety, and consequently, the federal government must intervene legislatively to protect workers against unsafe working conditions that will surely result."
Write a small research paper (critique) about 3 pages double spaces where the main focus is Cost Functions (Model of Short-Run Cost Functions) in the paper include some examples
Calculate a consumer's demand for goods
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