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Two things enter each citizen's utility function; fireworks, and money left over to spend on things like food, shelter, etc. The mayor decides how long each fireworks show will last each year. This year, she has a new plan: each of the 20 town citizens will send in their marginal utility of a minute of fireworks to the mayor, who will then compute the optimal amount of fireworks and later bill each citizen for their share based on how much they enjoyed the show as measured by their reported marginal utility. Each citizen (i) has the following utility function:
U (sub-i) = (f,m) = i(sqrt(f)) + m i= 1...20
where f is the length of the fireworks show in minutes, and m represents the dollars left over. The marginal cost of a minute of fireworks show is $15. What is the socially optimal length of the fireworks show?
Bounds Inc. has determined through regression analysis that its sales (S) are a function of the amount ofadvertising in two different media.This is given by the following relationship (X=newspapers,Y=magazines): S(X,Y) = 200X + 100Y - 10X2 - 20Y2 ..
If they both choose the Casual line, they will each make profits of $1000 per week. If Bells chooses Formal while Follies chooses Casual, then Bells will make $500 and Follies will make $1500 per week. If Bells chooses Casual while Follies choos..
The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total r..
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A small business that has taxable income of less that $50k purchases a machine for $10k. The machine yields an annual benefit of $5k over its 5-year life. Is the after-tax rate of return for this item closer to 5% or 12% Assume a straight-line de..
What is the probability of getting two reds and one blue in any order? c) What is the probability of getting three reds, given that the first marble is red? d) What is the probability of getting three primary colors (blue or red) given that the first..
Derive the intertemporal Euler equation and what is the optimal level of C1 given the endowments, R, and ? What?s theoptimal level of C2?
Suppose short-run output over the next four years is +1%, 0%, -1%, and -2%. According to Okun's law, what unemployment rates would we expect to see in this economy b. Consider another economy in which the unemployment rate over the next three year..
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What is the profit maximizing (loss minimizing) level of output for Chan in the SR? ii) Calculate the total economic profit (or loss) that Chan. would receive at this particular level of output. You must show all of your work to r..
Determine the proper equations to find PW of each machine. The cost of money is 10% per year. Machine X Machine Y Initial cost, $ -55,000 -46,000 Annual cost, $/year -10,000 -15,000
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