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Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1, 000xy + 2, 000. Tammy’s utility function is U(x, y) = xy(1 − xy). Oral’s utility function is U(x, y) = −1/(10+ 2xy). Marjoe’s utility function is U(x, y) = x(y + 1, 000). Pat’s utility function is U(x, y) = 0.5xy − 10, 000. Billy’s utility function is U(x, y) = x/y. Francis’ utility function is U(x, y) = −xy.
a) Who has the same preferences as Jim?
b) Who has the same indifference curves as Jim?
c) Explain why the answers to (a) and (b) differ.
what would the benefits of each action be (besides emissions reduction)? what would the costs of each action be? How would you decide what was the best level of emission reduction?
What is the total cost to Hildegard of finding a new plot of grass and getting y units of grass from it? Find an expression for her marginal costs and her average cost per patch of grass as a function of the
q1. would you advocate monetary restraint or stimulus for todays economy? who would disagree with you?q2. why is the
The long-run and short-run aggregate supply curves reflect fundamental differences between long-run and short-run macroeconomic analysis. Graphically illustrate the long-run and short-run aggregate supply curves. Be sure to label the axes.
Suppose the dollar interest rate and the pound sterling interest rate are the same 5 percent per year. What is the relation between the currency equilibrium $/£ exchange rate and its expected future level?
Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, and the marginal product reaches zero, and the average and marginal product intersect.
One of the conclusions from Akerlof's paper titled "The Market for Lemons" was:
If he needs 80 percent of his income to maintain his standard of living upon retirement, how much annual income will he need from his employer's plan and from his own planning when he retires?
Use the AD/AS model to explain and show the current economic situation. Then suggest a fiscal approach to solve the current economic situation without adding any more debt. The current MPC = .80.
Construct a contingency table by using the following information: 89% entrepreneurs by choice. 11% entrepreneurs by necessity
Anticipate what business law may look like 20 years from now and give your opinion on what you believe students will need to know in order to be successful in the field. Provide a rationale for your response.
q1. what are the highest and lowest payments from the writer that the bookkeeper farmer team will accept for the 6th
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