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Forensic scientists can deduce the amount of arsenic in drinking water from concentrations (in parts per million) in toenails. Let y denote toenail concentration and x denote drinking water concentration. The following three equations describe the relationship: y = 1.5 + 0.2 ln (x) ln (y) = -1.75 + 20x
(a) Plot each of the functions for x = 0 to x = 15.
(b) Calculate the slope of each function at x = 10. State the interpretation of the slope.
(c) Calculate the elasticity of each function at x = 10 and then interpret the given value.
Identify on your diagram the set of all Pareto efficient allocations. (c) Suppose each good has a market price of 1. Illustrate on yourdiagram the bundles demanded by each consumer. Is this a competitive equilibrium
An individual wishes to deposit an amount of money now and $100 every six months so that at the end of five years $1,500 will have been accumulated. With interest at 4% per year, compounded semiannually, how much should be deposited now
Your annual fixed costs are $50,000, marginal costs are $10 per unit, and you are producing 50,000 units per year. In the short run, what is the minimum acceptable price level before it makes economic sense to shutown
An engineer starts to make quarterly deposits of $1,500 (at the end of a quarter) into an investment account at age of 45. If he wants to have $250,000 when he retires at age of 65, what must be the nominal and effective interest rates per year
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
given data: RA = 0.18 ohm, Radj = 10 ohm, NF = 1000 turns per pole, VF = 120V, RF = 20 ohm. This is a shunt connected generator with a speed of 1800 r/min. A. what is the no load terminal voltage of the generator
The design of a system is to be pursued from one of the available alternatives. Each alternative has a life cycle cost associated with an expected future. The costs for the corresponding futures are given in the following table (in millions of dol..
Write a model relating the mean milk production, E(y), to the independent variables. Identify and code all dummy variables.
Suppose Bob decides to keep $5,000 of his find as cash and deposits only $95,000 in his bank. By how much will the money supply increase?
Suppose a country has a money demand function (M/P)d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year. a) What is the average inflation rate
The given information is the quarterly sales of gasoline in the U.S. in millions of barrels during part of the 1980s and the 1990s. Determine the linear trend and use it to forecast sales for first quarter of 1992.
Simplify depreciation to be calculated as straight line over 30 years. It will be financed with a 30 year loan at 8% interest compounded annually with annual payments. It will be sold at the end of year 15 for $300,000, at whi..
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