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Chuck likes to read philosophy books. She is perfectly indifferent between new and used philosophy books. Her utility function is ??(??????,????????) = ?????? + ????????, where ?????? and ???????? are the number of new and used philosophy books she consumes, respectively. For each of the following two scenarios, draw Eleanor's budget constraint and determine how many new and used books she would purchase. For this question, assume philosophy books are infinitely divisible.
1. Chuck has a budget of $200 for philosophy books. New books cost $40 each, while used books cost only $25 each.
2. There is a price increase. Now, new books cost $45 and used books cost $30. In response, Eleanor now allocates a budget of $230 to philosophy books.
3. Which of the scenarios provides the higher utility for Chuck?
You form a partnership with your friend Al Gossett, named, AG limited to operate an on-line business selling hair-care products. AG contracts with RevaInc, a company in Florida to make and package the products based on their secret formula. What is ..
What is the equilibrium price and quantity?
How can regulators balance the views, costs, and benefits of the local residents/hunters with those of wolf/animal rights activists?
Provide examples to support your response in addition to constructive feedback on the structures and circumstances posted by your peers.
Maggie likes her cigars. Her demand for cigars is MRSXC = 60−C, where X is the amount of money for all other goods she is willing to give up for an additional cigar. How many cigars would Maggie be allowed to smoke in the social optimum? Suppose a la..
Which of the following jobs is the least likely to be filled by an economics major?
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A sprinkler system inside of one house does not protect houses on the other side of town. It also requires the homeowner to purchase and install it prior to benefiting from it. Once installed it can help stop fires from jumping to neighboring homes.
describe how the US oil companies can remain competitive in the US market when over 35% of crude oil is currently sourced from domestic deep water drilling.
Is Monopoly Ever Better Than Competition? Who benefits the most when the government regulates a monopoly?
The internet is not providing me with easy definition so It would be great if you can explain it to me what is Utility Maximizing rule and please give an exampl
Calculate Lola's utility maximizing bundle and her resulting utilitylevel if the government chooses to simply give her the money theywould have spent on the program (rather than subsidize housing).Given the two programs cost the same, which one is..
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