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1. Consider a decision maker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decision maker always wants as many apples as possible. Find a utility function that represents this preference. (b) Suppose the decision maker always wants as few apples as possible. Find a utility function that represents this preference. (c) (A bit trickier) suppose the decision maker’s ideal number of applies is 3, and he is indifferent between m < 3 apples and 6 − m. Find a utility function that represents this preferences.
q. in 2005 hurricane katrina caused massive destruction in the u.s. gulf coast. tens of thousands of people lost their
What is the output of each firm if they collude to produce the monopoly output? What profit does each firm earn with such collusion.
q.given the demand function of a monopolistq 100 - pand the cost function faces himherc 100 80 qa. find out
What are the pros and cons of the Economic Stimulus Bill (The American Recovery and reinvestment act of 2009). Provide your arguments and defence for a method to jump start the U.S. economy in a time of recession.
q.suppose when russia opens to trade which introduced automobiles a capital-intensive good.a. according to the
Acme Semiconductoris expanding its facility and needs to add equipment. There are three process tools under consideration. You have been asked to perform an economic analysis to select the most appropriate tool to acquire. You have gathered the follo..
Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations’ government change taxes in order to completely close that GDP gap?
Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia and Describe the structural change that is taking place in the Australian gas market.
Consider a consumer with utility function u(x1,x2) = x1x2 and income m who faces given prices p1 and p2. Draw the new budget constraint, optimal choice and indifference curve going through this optimal choice. What is the effect of the increase in pr..
Which of the following deals with asymmetry of information?
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession. Illustrate what disagreements did Keynes ..
A clinic has incremental costs per case of $10 and overhead costs of $100,000. It faces a price elasticity of demand of -2. What is the clinic’s profit-maximizing price? (Round to the nearest whole dollar)
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