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Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1,000xy - 2,000. Tammy’s utility function is U(x, y) = xy(1 - xy). Oral’s utility function is U(x, y) = -1/(10 + 2xy). Marjoe’s utility function is U(x, y) = x(y + 1,000). Pat’s utility function is U(x, y) = 0.5xy - 10,000. Billy’s utility function is U(x, y) = x/y. Francis’s utility function is U(x, y) = -xy. Who has the same preferences as Jim? Explain
The three families are considering putting in streetlights on Main Street and are trying to describe how many lights to install. The table below shows each family's willingness to pay for each streetlight.
Explain the Law of Demand. What are their assumptions? What are demand curve shifters and what causes them to shift? What is market equilibrium? What might keep the market from moving all the way to that equilibrium point? “Price control can be more ..
Which of the following is true about perfect competition?
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.
In the Solow growth model, suppose that the marginal product of capital increases for each quantity of the capital input, given the labor input. That is, we relax the assumption that there are diminishing returns to capital and instead assume there a..
A low - cost noncontact temperature measuring tool may be able to identify railroad car wheels that are in need of repair long before costly structural failure occurs. If the BNSF railroad saves 100,000 in year 1, $110,000 in year 2, and amounts incr..
Now using the information on input prices also MR, Illustrate what is the optimal input combination.
One of the central questions that society must answer regarding medical care is: What is the optimal mix of medical care expenses? Which of the following activities involve Mary playing a game of chance? Which of the following is an example of a game..
?The law of demand states that quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
Suppose the welfare benefit formula is Benefit=$4,800-0.67(wages>$6,000) what is the marginal tax rate on The first 6,000 of wages? Wages above 6,000 How large is the benefit if wages equal $0? $4,000 and $4,800, $9000 and 7,000? What is the breakeve..
A market in which there are many firms each selling differentiated products is most likely a ________ market.
Rising oil prices cause airlines to adjust flight schedules. Show the effect on airline prices and quantity demanded. Show the shift of supply and/or demand curves and explain why the curve(s) shifted.
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