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Ilkka's income is $120 and he spends it on two goods, X and Y. His utility function is U = XY. Both X and Y sells for $2 per unit.
(a) Calculate Ilkka's utility-maximizing purchases of X and Y.
(b) How will his utility change if his income decreases by $2.00?
(c) If the price of X increased by 44%, with no change in the price of Y, by how much would his income have to increase to enable him to maintain his initial level of utility (as in part (a) above?
You spendthrift cousin want to buy a fancy watch for $425. Instead, you suggest that she buy an inexpensive watch for $25and save the difference of $400 for 40years in account earning 9% interest per year.how much will she accumulate in this accoun..
Acme Fragrance, a maker of fine perfumes, has a pricing problem. It makes perfumes in France, and the quality of perfume that it makes costs $40 per oz. to produce. Acme sells its product in two markets, France and the U.S. Extensive research.
In 1970 and 1980, the nominal price of motor fuel rose much more rapidly than the general price level, pushing up the relative price of motor fuel. As we would expect, the quantity sold decreased. In 1981 and 1982, the relative price leveled off a..
Mary's credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following• 1 loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $120 billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent ..
Suppose you have $20,000 cash today and can invest it at an interest rate of 10% compounded each year. How many years (to the nearest one-tenth year, xx.x) will it take you to become a millionaire
the formula for AFC, AVC, ATC, MC, TR, MR The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR,
If the tax elasticity of labor supply is 0.20, how much will the quantity of labor supplied in crease in response to(a) A $500 per person income-tax rebate (b) A 4-percent reduction in marginal tax rates
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. What is profit.
Consider a closed economy to which the Keynesian-cross analysis applies. Consumption is given by the equation C = 200 + 2/3(Y - T). Planned investment is 300, as are government spending and taxes. a. If Y is 1,500, what is planned spending
1. We measure opportunity cost in monetary value. Suppose you spend $100 for new clothes. You will say that the clothes cost you $100. But the money you spent is not the real cost of the new clothes.
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