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Consider the utility function u(x1, x2) = 3 ln(x1) + 2 ln(x2). Initially p1 = $1 and p2 = $2. Income is $ 15. 1. Derive the optimal consumption bundle. [05 pts] 2. If the price of good 1 doubles to $ 2, derive the new consumption bundle. [03 pts] 3. Now suppose u(x1, x2) = xax1-a. Given M ,P1, P2 derive the ordinary demand function for 12 the two goods. Further suppose a = 43, P1 = $1, P2 = $2 and Y = $100. Draw the budget set and show the optimal point chosen by this consumer. Include a reasonable sketch of an indifference curve through the optimal point. [06 pts] 4. Andy utility function is u(x1, x2) = 3x1 + 5x2. What are his marginal utility for the two goods? Suppose that he has an income of $40 and can purchase x1 at $2 and x2 at $4. What bundles of x1 x2 should he purchase to maximize her utility? Why?
Toro Company is expanding its El Paso plastic molding plant as it continues to transfer work from Juarez, Mexico contractors. The plant bought a $1.1 million precision injection molding machine to make plastic parts for Toro lawn mowers, trimmers, an..
Apple Computer wants to have $2.1 billion available 5 years from now to finance production of a handheld “electronic brain” that, based on your behavior, will learn how to control nearly all the electronic devices in your home, such as the thermostat..
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Based on the analysis of the two selected organizations, and the literature review, recommend how the organizational cultures of the two selected organizations
Would discovering a large oil reserve affect the AS curve for the long-run, short-run, or both? Explain.
Why does poverty remain so pervasive? What does it mean to be poor? Select at least 3 resources (readings, literature summaries, service learning experience, etc.) to support, contradict to the two questions or answer in 1 amd 2.
A factory produces tennis balls whose weights follow a bell-shaped distribution with a mean of 2.06 ounces and a standard deviation of 0.04 ounces. According to
What is the current Canadian Air Pollution policy? What are the economic costs and benefits, and is there any opportunity for policy improvement?
Using the Library, the Internet, and your course materials, briefly define and explain dynamic pricing. Select a company that uses (or has used) dynamic pricing and respond to the following questions
An employee contributes 9% of his salary to his 401(k) plan and the employer matches with 40 percent of his first 6% of the employee's salary. The employee earns $90,000 and is in a 28% tax bracket. If the employee earns 2.5% on the plan investments,..
"Senior citizens deserve an income that will allow them to live in comfort for their remaining years."
Suppose a tax of $.10 per unit on a good creates a deadweight loss of $100. If the tax is increased to $0.30 per unit, the deadweight loss from the new tax would be:
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