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Consider a consumer with the following Cobb-Douglass utility function:
U (x, y) = xαy1-α
a) Find the Marshallian Demand for both goods.
b) Find the Price Elasticity of Demand of good x, the Cross Price Elasticity, and the Income Elasticity of Demand.
c) Find the Hicksian Demand.
d) Find the Willingness to pay for a project that reduces the price of X by ½.
e) Using the Marshallian Demand, find the Increment in Consumer Surplus induced by last project.
f) Using the Hicksian Demand, find the increment in Consumer Surplus induced by last project.
calculate point elasticity of demand function Q=10-2p for decrease in price from Rs3 to Rs2
Question 1: (a) Describe the three different ways of calculating national income. (b) Does the National Income figure accurately reflect the living standardof a population?
ed=1 means p
What is the difference between economics and business? Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and
run a s monopoly how will this benefit stakeholders involved, such as the goverment, businesses, and consumers?
need help for my micro assignment
NEW CLASSICAL BUSINES CYCLE THOERY: Yang, Xioaokai, Economics: New Classical versus Neoclassical Frameworks, Oxford: Blackwell Publishers. The book goes on to rigorously dev
You are the CEO of Comchip, a firm that sells specialized computers. Each of the firm's computers contain a unique chip that is produced at Comchip's west coast plant at a cost of
A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as
sir i want critics of marris''s model , i have an assginment (write critics of marris''s model)
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