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Suppse a consumer utility derived from consuming banana is described by the function U=10X+3X^2-(1/3)X^3. Compute marginal utility.
a. Make a table showing total and marginal utility for X from 0 to 7 units.
b. Would this individual ever choose to consume more than 7 units? Explain.
Assume the players are monopolists, but the teams are competitive in the labor market. Calculate the marginal revenue product of labor (MRPL) and find the equilibrium wage and quantity of labor.Find the equilibrium wage and quantity of labor.
One year ago, you bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calculate the real return.
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
A 30 year bond has a face value of $1,000 and a coupon rate of 6%, interest payments are paid semiannually. If the maturity from now is eually years and the currsnt market rate for the same bond is 10% per year, compound semilannually. How much is..
What combination of the two goods below allows you to maximize your utility with a budget constraint of $14? Show how you arrived at your conclusion in the space provided below. Place your final answers on the lines at the bottom of this page. ..
When architects design structures, they must also bear in mind also the costs associated with each design. Suppose the cost functions for building highrise apartments is tied not only to the height H but also the basic material used brick, concret..
Suppose you currently earn $23,000 a year. You are considering a job that will increase your lifetime earnings by $230,000 but that requires an MBA. The job will mean also attending business school for two years at an annual cost of $28,000.
Real GDP in the U.S. increased by a% in 2008 and increased by b% in 2009, and increased by d% in 2010. In class, we learned that the average annual growth rate of real GDP for the period 2008-2010 can be (1) approximated as: (a% +b% +d%)/3
Assume that a hypothetical economy with an MPC of .7 is experiencing severe recession. By how much would government spending have to increase to shift the aggregate demand curve rightward by $30 billion
Given the following information, calculate the income elasticity of demand using the midpoint formula. a. Nancy's income increases from $20,000 to $30,000 and her consumption of spaghetti changes from 10 pounds per month to 2 pounds per month.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor fo..
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of..
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