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Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p
when average product is decreasing, marginal product is?
Explain the link between the rate of interest and inflation. Interest can be explained as the price of money - more expensive money will lead to few loans, higher saving and as
What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
Hi I need help with elasticity. I think the problem has already been posted to your site.
The outer shape of a football can be described via the following equation Using Matlab, plot the outer shape of a football in red or orange using a line widt
indifference curve for the demand for big macs
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