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Assume that a person's utility over two goods is given by U (x1, x2) = x1 + ln x2 The price of good x1 is equal to p1 and the price of good x2 is p2. The total income of the individual is given by I. a) Write down the budget constraint of this person. b) Determine the demand functions for x1 and x2. When will the person only demand x1 or x2? c) Is good x1 a normal or an inferior good? What about good x2? Explain your results. d) Calculate the own-price elasticities of demand for x1 and x2. e) Calculate the cross-price elasticities of demand for both goods.
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
you are the manager of a California winery.then how would you expect the events to affect the market equilibrium price you receive for a bottle of wine.
discuss how the traits of ethical leaders and the influence of the group affect moral responsibility. provide an
The inflation rate over a 10 year period for an item that now costs $1000 is shown below Year 1, 10% Year 2, 0% Year 3, 10% Year 4, 0% Year 5, 10% Year 6, 0% Year 7, 10% Year 8, 0% Year 9, 10% Year 10, 0% What will be the cost at the end of year 1..
business ethics on a global scale. in the 1990s pfizer inc. developed a new antibiotic called trovan trovafloxacin
Imposition of stricter environmental protection laws.
1. marginal revenue product is defined as the change in total revenue that results from the employment of an additional
Explain why a monopolist will never produce a quantity at which the demand curve is inelastic - hint - if demand is inelastic and the firm raises its price, what happens to total revenue and total costs
Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?
explain difference between a change in quantity demanded and change in demand. describe what causes change in quantity
you have been asked by a manager in your organization to put together a training program explaining net present value
In what condition will a perfectly competitive firm that incurs economic losses choose to produce rather than shut down in the short run? Why will the firm do so (c) Should a firm produce at an output level at which long-run average cost is minimiz..
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