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A consumer's utility is given by U(X,Y)=X^0.25*Y^0.75. (To be clear, ^ denotes exponentiation, so the utility function is X to the 0.25 power multiplied by Y to the 0.75 power.) Given this utility function, MUx=0.25X^(-0.75)*Y^0.75, and MUy=0.75X^0.25*Y^(-0.25). (You might recognize this is a Cobb-Douglas utility function as discussed in our Lecture 3 handout with A=1, alpha=0.25 and beta=0.75.) The consumer's income is $200, Px=$5 and Py=$2. What is the number of units of good X in the consumer's utility-maximizing bundle of goods?
You are the owner of a family-owned restaurant. You do not pay yourself a salary or an hourly wage. How and why does this practice affect the economic cost of serving your patrons?
Which of the following factors is most likely to worsen (make more negative or less positive) a (home) country's net international investment position?
You have insider knowledge and many contacts at a large number of the academic publishers of electronic journals. You also have experience from the academic library side of the business. So, you have decided that you want to use today’s computing res..
Occupational licensing can accomplish which of the following?
q1. a firm in a purely competitive industry is currently producing 1000 units every day at a total of 450. if the firm
A proximity sensor attached to the tip of an endoscope could reduce risks during eye surgery by alerting the surgeon to the location of critical retinal tissue. A certain eye surgeon expects that by using this technology, he will avoid lawsuits of $0..
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
One main difficulty examined in the book is the cleanup of hazardous waste sites.
Assume a firm produces 500 units of a good by using two inputs, capital and labor, whose per unit prices are $10 and $4. Assume also that the marginal physical product of the last unit of capital is 30 and the marginal physical product of the last un..
A friend of yours just bought a new sports car with a $4,000 down payment, and her $25,000 car loan is financed at an interest rate of 0.25% per month for 48 months. After 2 years, the "Blue Book" value of her vehicle in the used-car marketplace is $..
q.suppose that in free zone the cycle presented in the problem 6 the aggregate supply curve is short plasterboard cafos
Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 4 % per year payable quarterly. Leann owned the bond for 3 years. The 1st interest payment she received was 3 months after she bought the bond. She sold it immediately af..
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