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Consider a consumer who has utility function u(x, y) = min{2x, 3y} where x, y are amounts of goods X, Y consumed respectively.
(a) If px = 1, py = 1, consumer has total budget w = 10. What’s the optimal consumption bundle of this consumer? Explain in detail, using either graph or algebra to justify your answer.
(b) If there is an inflation which doubled the prices px, py as well as the wealth w. Consumer preference is still the same as before. What will be the consumer’s optimal consumption bundle in this case? Explain your answer clearly.
Explain how absolute and comparative advantages were used in your simulation.
Some say that there are powers that the Constitution reserves to the States that the Federal Government has intruded upon since the founding of the country. Discuss and provide one example where it could be argued that the Federal Government has intr..
The supply of eggs comes from chickens. The price of eggs will decrease if"
ellen and may can produce two goods in a day breakfast bars and frog food pellets. in a single day may can make 10
Discuss the summary below and include your thoughts, opinions, questions, observations, disagreements, etc. relating to the summary. The Relation between Economic Freedom and Political Freedom. There is an intimate connection between politics and eco..
The role of the government in families/child rearing/parenting. Should the government ban or restrict how we discipline our children (ban corporal punishment - like hitting or spanking)?
If an industry's long run per unit costs are constant as its output increases then?
The given is natural logarithmic function. Ln(Q)=-0.23-0.34ln(P)+0.45ln(P2)+1.33ln(I). What is the price elasticity of demand for raspberries? What is income elasticity of demand?
How does it affect level of investment and interest rates. How does it affect individual consumer. Give at least three examples in your response.
This exercise discusses properties of the Cobb-Douglas production function and its use in the Solow model.
Provide an example of a specific industry that you believe fits the model also elucidate your rationale.
What potential threat, if it occurred, would prove most disastrous for Fujitsu, and what could the company do to deal with the possibility of this negative development?
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