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Gene has the following utility function: U = XY + 2Y, the Px = $4, the Py = $1 and I=$6.
a. Find Gene’s MRSx,y
b. Is the MRSx,y increasing, decreasing, or constant with respect to X?
c. What is the slope of the budget constraint?
d. Find the optimal X and Y.
e. At the optimal X* and Y* calculate and interpret the MUx/Px & MUy/Py.
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant. A decrease in the price of cereal (Movement Along or Shift ?) A ..
A number macroeconomic variables decline during recessions. One of these variables is the GDP. Empirical studies indicate that the long-run trend in real GDP of the USA has an upward trend. How is this possible given business cycles and macroeconomic..
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Lucky Midas is a risk-averse gold prospector who has struck it rich. He has $W worth of gold— his only wealth—safely stashed away on his claim in the Yukon. He wants to get his gold from his claim to the big city where he hopes to spend it. His frien..
If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity.
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Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
Suppose you run a manufacturing business that is involved in manufacturing and selling a single product. The fixed cost to run the business is $15,000 and the constant marginal cost is $7.50 per unit. The sale price of your product is $15 per unit. F..
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain this situation. Which explanations could be right? Explain your logic.
As of 2006, the United States is running a large trade deficit--that is, imports exceed exports by a wide margin and the United States is consuming more than it is producing. The U.S.'s ability to consume more than it produces rests on foreigners' wi..
The incidence of a tax falls more heavily on
You purchased a bounce house one year ago in which you were required to invest $6,500. One year passes. You decide to sell the bounce house. During the year you were paid $4,000 in profits. If you sell the bounce house today, you could receive $6,100..
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