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Assume that a consumer purchases a combination of product A and product B such that the MUa/Pa=8 and MUb/Pb=6. To maximize utility without spending more money, the consumer should:
Assume that you have a box with an equal number of $4, $6, $8 chips. Find the population mean and the standard deviation. Taking samples of size n = 2, find the mean of the sample means and the standard deviation of the sample means. Explain the rela..
Identify which of the following would generate a decrease in the market demand for e-book readers, which are a normal good. Write your answer in the space below each change in the market. Write YES if you think that the change would decrease market d..
Give examples of government regulations that work and examples of government regulations that do not work. Explain why in each case. How does politics affect economic policies? Is it negative or positive?
Suppose demand and supply are given by Qd = 40 - P and Qs = 1.0P - 20. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude..
An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. What type of agency ..
At Forest Point Construction, your boss says that he can estimate the total project time based on his personal experience. You are trying to convince him that he should use project management techniques to handle a complex project. What is the correc..
Smith has been trying to sell his house for 6 months although so far there are no purchasers. Draw the market for Smith's house.
The manager of a canned food processing plant is trying to decide between two labelingmachines. Determine which should be selected on the basis of rate of return with a MARR of 20%per year.
what amount of additional government spending (without changing taxes) would be needed to reach the desired increase of GDP? what change in total amount of direct taxes (without changing government spending) would be necessary to reach the same incre..
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
Use the 2007 numbers in the first column to compute, for each of the four countries, the percentage gap between the steady-state ratio.
Suppose the following were facts relating years of education to average annual income of individuals. Would you use the inductive or deductive method to derive an economic principle from these facts.
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