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Assume that Joe derives utility based on the following utility function U(x,y) = (x1^0.6 + X2^0.6)^1/0.6
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following:
A) The quantity of X1 and X2 that maximize Joe's utility
B) The maximum level of utility Joe receives.
Assume a nation has been running a significant expansionary fiscal policy for many years.
Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality? Consider the three "systematic mistakes" discussed in your text.
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This exercise is an illness which has caused three capable observable things to happen. What are they?
Utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers employed at the market wage.
The park service wants to restrict the number of visitors to Yellowstone National Park to Q*,which is fewer than the current number of visitors. It considers two policies: (i) raise the price of admissions, or (ii) set a quota. Compare the effec..
1.the three functions of money area.unit of account double coincidence of wants and barterb.unit of account double
What is the major problem in achieving an efficient use of the world’s water? If there were a global market in water, like there is in oil, how do you think the market would work?
"When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." What is the implied price elasticity of demand by foreigners for a British education is (in absolute..
1. a relaxation of u.s. immirgration laws and regulations woulda. further reduce wages in poorer countriesb. turn
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