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Calculate the Marginal Utilities ux and uy and the MRS for each of the following utility functions assuming that a,b > 0 are positive constants. (Simplify your answers if possible)
u[x,y] = 0.5x + y0.5
u[x,y] = √x + Log[√y]
Grace owns and operates a small pottery firm.Grace hires an assistant at $12,000/year, pays annual rent of $5000 for her shop, and spends $20,000/year on materials. Calculate the accounting profit and the economic profit for Grace’s pottery business...
Assume a firm (a) is a monopsonist in hiring labor and (b) is selling its product as a monopolist. Portray this market graphically. Correctly label all relevant curves, show the equilibrium wage rate and level of employment, and indicate the efficien..
Land-use restrictions may be intended to correct inefficiencies in urban land markets. However, they also impact the distribution of educational resources, and thereby contribute to educational (and economic) inequality in the U.S. Name one land use ..
Outline the historic emergence of OPEC as "a cartel that took on the old cartel." Describe how this organisation, once dubbed a paper tiger, eventually emerged as an instrument of empowerment for its membershipinstrument of empowerment for its membe..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will chang..
Determine whether each of the following, other factors held constant, would lead to an increase, a decrease, or no change in the level of real GDP demanded:
Spending by the consumer sector is the driving force in the US economic system. Although the business and government sectors make a considerable contribution to the success of the economy, it is the spending by the consumer or household sector of the..
Can you share the economic development strategies also quote some examples of Elucidate how Singapore also US use them.
Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market..
q.rooster4u and clucks are huge fast food chains that sell chicken lunch specials. although both lunches include 2
Is it necessary to register a trademark? What are the benefits to registering a trademark? What distinguishes a trademark from another symbol or group of words?
Which of the following is not true if a firm shuts down and produces zero output in the short run: A. Variable cost will be zero B. Losses will be incurred C. Fixed costs will be greater than zero D. Fixed cost will be less than zero.
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