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Suppose that Bridget and Erin spend their incomes on two goods, food (F) and clothing (C). Bridget’s preferences are represented by the utility function U(F,C) = 10FC, while Erin’s preferences are represented by the utility function U(F,C) = 0.20F2C2. a. With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bridget the same level of utility as the bundle (10,5). Do the same for Erin on a separate graph. b. On the same two graphs, identify the set of bundles that give Bridget and Erin the same level of utility as the bundle (15,8). c. Suppose each individual has an income of $100 and that the price of food is $5 and the price of clothing is $10. Determine the optimal combination of food and clothing consumed by each individual.
q.the empirical demand function of product x is estimated asx 120 - 260.0p 0.05m - 2.50prwhere x is the predicted
No suppose that the soy industry produces differentiated products and is characterized by EOS and monopolistic competition. Auto industry is still perfectly competitive. what do you mean by the pattern of trade.
Felix Jones, a recent engineering graduate, expects a starting salary of $65,000 per year. His future employer has averaged 5% per year in salary increases for the last several years. If inflation is estimated to be 4% per year for the next 3 years, ..
Role of Business Information Systems
Economists argue about the potential benefits and costs of diversification. For instance, while diversification can certainly help company to promote new products, at the same time through the merger of two firms it can be more expensive to develop c..
In a recent study it has been estimated that the own price elasticity of demand for a special type of U.S. manufactured automobile tires is - .75, while the income elasticity of demand is 1.1 and the cross price elasticity of demand with respect to f..
The manager of a corporate division faces the posibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere.
Suppose a firm sells a good in 2 markets, each market is characterized by their own respective demand curve. Calculate the profit maximizing outputs and prices in each market assuming the firm can price discriminate. Calculate the own price elasticit..
Online Cosmetics: Australian cosmetics maker, Eternal Beauty Products, pressures online retailers to either sell goods at prices charged by brick and mortar stores or risk being cutoff. If online retailers are paying the same wholesale prices, why wo..
Why would it be valuable for a business to know cross elasticity of demand for two products it produces: peanuts and popcorn.
The licorice industry is competitive. The current market price of a string of licorice is $0.40. At this price, a firm decides to produce 2 million strings of licorice this month.
Select a Government Regulation. Identify a particular government regulation of your choosing that in your opinion has either been successful or a failure. Briefly state the original purpose of this regulation and whether it has changed over time. The..
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