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Individual A has UA(XA,YA)=lnXA+2YA and has $500. PX=5 and PY =10.
(a) Find the optimum. Show that it is indeed the maximum.
(b) PX=10. Find the new optimum.
(c) Calculate the substitution and income effects in units of Y associated with this change in price.
(d) Graph your answers in (a), (b) and (c) on the same graph.
An attorney supplies 40 hours of work per week when her fee is $100 per hour but supplies 60 hours of work per week when her fee rises to $120 per hour. Using the midpoint formula,
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what are the limits of the trade between franci and galacia
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