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Suppose a person's utility function is of the form u(x1, x2) = x1 + ?x2. The budget constraint for this person will be given by B = px1 x1 + px2 x2
1. Find the marginal utility of good x12. Find the marginal utility of good x23. Calculate the Marginal Rate of Substitution between good x2 and good x1: MRSx2,x1 = (du(·)/dx2)/(du(·)/dx1)4. Equate this marginal rate of substitution to the ratio of prices : (Px2)/(Px1)
1. Job A pays $30,000 a year. Job B is completely identical in all aspects except it is located in an area that has a 10% higher cost of living. In order to compete, Job B would need to pay. This is known as a. 2. Explain the difference ..
consider an industry with a dominant firm and several fringe firms. assumes that this is a free-entry industry. a dominant firm given by C(q)=800+20q+q^2. The fringe firms all have the same variable cost as the dominant firm, but doubled fixed cos..
Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year
Suppose P=20-2Q is the market demand function for a local monopoly. The marginal cost is 2Q. The local monopoly tries to maximize its profits by equating MC= MR and charging a uniform price. What will be the equilibrium price and output
Wage rigidity: Consider an economy with the following Cobb- Douglas production function: Y=K^(1/3)L^(2/3)The economy has 1,000 units of capital and a labor force of 1,000 workers. a. Derive the equation describing labor demand in this economy as a fu..
Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
a) Use exponential smoothing with a smoothing constant of .6 to produce forecasts from the data. Use 2500 as your forecast of demand for week 2. b) Use exponential smoothing with a smoothing constant of .3 to produce forecasts from the data. Use ..
The loan is to be repaid in seven equal annual installments including interest. The firm's marginal income tax rate is 39%. The equipment qualifies for MACRS 5-year property. a. Calculate the interest on loan for each year.
A single unit of a good is to be sold via an auction. There are two bidders, A and B. They are assumed to be risk-neutral. The seller knows that there are five possible values of willingness to pay, $100, $200, $300, $400 and $500.
A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months - not per month), of which $8,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm..
subcontractor is paid actual costs times the indirect rate of 167% and fee on the total of the direct and indirect costs of 15%. You discover in the invoice timecards of their Canadian Subsidiary, roughly $100,000 CD of the $500,000 US invoiced.
Derive the expression for the marginal rate of technical substitution for thisproduction function.(f ) If α = 0.3, the price of capital is $10 per unit and price of labor is $15 perunit, what is the cost-minimizing ratio of capital to labor.
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