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Consider a consumer with utility function given by u(x1 , x2 ) = x1 x2 .
(i ) Find the demands for goods 1 and 2 when the consumer faces prices p1 and p2 , and income m.
(ii ) Are goods 1 and 2 normal goods? Why?
(iii ) Are goods 1 and 2 ordinary goods? Why?
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
Assume that a profit maximizing monopolist faces an inverse demand function given by p(), and a total cost given by c(y). Suppose the government wishes to combat the undesirable allocational effects of a monopoly
State the multiple regression equation. Interpret the meaning of the slopes, b1 and b2,in this problem.3) Predict the weekly fuel consumptions for the average hourly temperature is 53.10 and the chill index is 15.
what are governments fiscal policy options for ending severe demand-pull inflation? use the aggregate demand-aggregate
Because of the free-rider problem: the market demand for a public good is overstated. the market demand for a public good is nonexistent or understated. government has increasingly yielded to the private sector in producing public goods.
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
When you buy a set of speakers, Best Buy asks if you would like to purchase insurance for your speakers. Assume that paying for new speakers for customers who listen to music at a reasonable level (thus minimizing damage) costs, on average, $150, ..
What motivated the producers of those individual products to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available and why
The marginal product of labor (measured in units of output) for Expando Corp. is given by MPN = A(400-N) where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $.150 per unit.
a. Define the Bertrand model and its assumptions. Explain why the model predicts the perfectly competitive outcome despite the number of sellers. Discuss the limitations of the model.
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
Is there too much or too little smoking? Explain why smoking bans on bars and restaurants do not efficient solve an externality problem.
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