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Sarah has a monthly income of 500 dollars that she spends buying food that costs 5 dollars, clothes that cost 20 dollars, and books that cost 50 dollars.
Sarah's utility function is given by: U(F, C, B) = 6ln(F) + 2ln(C) + ln(B)
a. Write down Sarah's budget constraint.
b. Compute the marginal rate of substitution of books for clothing ( UB/UC ) and books for food ( UB/UF ).
c. Find her optimal allocation.
If Robinson Crusoe can, either shoot 5-wild geese or catch 15-fish, on average, for every hour of labour effort. i.e. opportunity cost of shooting one wild goose is three fish.
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The global propylene industry is perfectly competitive and each producer has the marginal cost function MC=40-12q+q2. The corresponding average cost function is AC=40-6q+ 1/3q2 . The market demand curve for propylene is Q=2200-100P. What is the long-..
An investor is trying to decide between 2 mutual funds. Mutual fund #1 offers a slightly higher return than mutual fund #2 so the investor decides that he will invest in mutual fund #1 unless the risk of mutual fund #1 is significantly higher than th..
Share your thoughts on labor unions today. Do you have any personal or family experiences with unions? Do unions serve a valuable purpose in today's business world? Be specific about what costs and benefits you feel unions contribute today.
Illustrate what is the macroeconomic relationship with the article, "Squaring the Economic Circle" by Art Buchwald.
A pharmaceutical firm faces the following monthly demands in the U.S. and Mexican markets for one of its patented drugs: Find the profit-maximizing prices and quantities in each market. What are the firm's total profits?
The banks hold no excess reserves, Illustrate what will happen to the total money supply. How did you reach your answer.
Considering the supply and demand for oatmeal. What would happen to the supply and demand curves in these situations:
q. suppose a government has no debt and a balanced budget. suddenly it decides to spend 1 trillion while raising only
Why do firms maximize profit by setting MR = MC? Why is the same MR = MC condition used when af irm experiences a loss? What is an explanation for the profit maximizing position of a firm. Does it reflect a short or long run equilibrium?
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