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Michael has the following utility function:
U(X,Y ) = log(X) + log(Y ),
where the price of X is $3 and the price of Y is $1. He has decided to allocate $120 on X and Y. What is his utility maximizing combination of X and Y?
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. ..
suppose that the ford motor company can produce any quantity of cars at a constant marginal cost equal to 15000 and a
what are the differences between real and nominal rates? explain why this is important to induce action on the part of
using the aggregate demandaggregate supply model and the information in the below quote present a rationale for why the
between 1984 and 1985 the money supply in the united states increased from 570 billion to 641 billion while the
a firm has 2000000 in sales a lerner index of 0.56 and a marginal cost of 35 and competes against 900 other firms in
consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm.
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
To win, they have to guess the exact percentage that answered a question a certain way, and the range has already been narrowed to an 11-point range.
Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents increasing marginal cost.
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