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Sam has preferences for weekly Video Games (V) and Sodas (5) described by the utility function U (V, S) = V 252. Suppose the prices are denoted by pv and ps and Sam has income given by 1. Assume that in Sam's optimal bundle, he consumes strictly positive quantities of both goods.
a. Write out Sam's optimization problem and the associated Lagrangian expression.
b. Compute the three critical value (first- order) conditions from the Lagrangian.
c. Using your answer to b, find the expression for the optimal bundles as functions of the prices and income.
How has the church's locus of authority changed in the medieval period from that of the early church period surveyed in session 1? Why or why not?
Construct an 95% confidence interval of the proportion of middle-income Americans who actively participate in the stock market.
Based on recent research, which of the following is the most likely cause of the reduction in the rate of technological progress?
What market structure does the sale of cellphones in the USA represent? Why? How has it changed since the monopoly of Ma Bell? Provide examples.
Let "S" represent the occurence of a non defective item. Assuming that this experiment is Binomial:
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The mayor of Denver wants to upgrade the public transportation system. In order to fund the improvements, the mayor proposes charging an extra $1 for each ride taken.
q1. firm abc measured its mp of labor curve to be the followingmp 4000 - 2l where l is the number of hours of labor
Use the above to calculate the arc price elasticity of demand between PT = $40000 and PT = $30000. The arc elasticity formula is:
Which of the following statements best reflects the macroeconomic advice of the great economist John Maynard Keynes?
At the 2014 G20 conference in Canberra, U.S. Secretary of the Treasury, Jack Lew, warned that the euro zone economies face a decade of economic stagnation unless their economic policies change and that the “world economy could not afford a European l..
Suppose you had one of the three winning tickets in last week’s Powerball Lottery; your prize would have been $188 million if you took your winnings in the form of an annuity. If the annuity were paid in 20 annual instalments using an interest rate o..
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