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True/False - Briefly explain the reason.
a. The utility function U(X1,X2)=X1^a + 2X2^b. Corresponds to preferences for perfect substitutes.
b. All ordinary (non-Giffen) goods are also normal goods. (Hint: Use the Slutsky equation to support your answer)
c. If consumer consumes only two goods, both of them can be inferior.
d. If a consumer is making an optimal choice between two goods, x and y then, independently of his preferences, the MRS = (-PX)/(-PY) condition must always hold.
e. Any Giffen good is an inferior good. (Hint: Use the Slutsky equation to support your answer)
Consider that, in this case, we 1st add (marginal) costs, not quantities, since these are the costs associated with each t-shirt.
Mal Reynolds borrows $320,000 from the Independents Free Bank to buy a used spaceship. The bank charges an interest rate of 12%. Ten years later, the Bank demands repayment in full, including all accumulated interest. There were no payments along the..
A sum of money invested at 10% interest, compounded quarterly, will quadruple in amount in approximately how many years?
A city manager wants to invest a sum of money in an account that pays 6% annual interest to cover the monthly operating costs of the city's water treatment plant for the next 6 years. The monthly operating costs for the plant are projected to be $19,..
Considering the correlation of a company to the economy which would you chose: A company positively, negatively, or not correlated?
You are an efficiency expert hired by a firm in the clothing industry that uses machines (K) and workers (L) as inputs. The firm has estimated that the marginal product of labor is MPL = 120 - 4 L, while the marginal product of capital is MPK = 50 - ..
Illustrate what do you think would occur when there is little or no competition is a marketplace
How do government subsidies affect farm production, income and prices? How do (unregulated) markets encourage pollution? Who pays for subsidies? How can government policy best ensure an optimal environment?
After school one day, the teacher discovers this student beating up another student and has to break up the fight. The teacher has turned to you as the vice principal in charge of discipline. Using the theories you have learned this week what do y..
Explain briefly whether each of the following would be more likely to lead to a higher level of trade for an economy, or a greater imbalance of trade for an economy:
Illustrate what do you think would be the short-run impact on the firm's production.
A competitive market has 30 identical firms each with a short-run cost of SC(q) = 3/2q2 + 15q + 150. The market demand for the good is P =105 – 1/5QD. Find the equation for the market supply curve P = S(QS) and use that to find the equilibrium price...
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