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Given U (X,Y) = X0.5 + Y0.5 and budget function as I = Px.X + Py.Y where X and Y are 2 goods, I : Income, Px and Py as price of X and Y respectively. Derive Marshalian demand function associated with the utility demand functions.
Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 6 units of good X and 1 units of good Y. Consumer B is given an initial endowment of 2 units of good X and 7 units of good Y. Suppose the pr..
The duration of copyright increased under U.S. law in several steps since the eighteenth century until it reached the life of the author plus 70 years. Suppose that a writer completes a novel at age 40. If the writer lives to be 75, then the copyrigh..
What should the government limit the number of auto and parts makers, the competition for would be limited. Please explain more on this subject.
the boards of 2 major telecommunications companies recently agreed to a 16 billion-dollar merger that would create the
The following is a labor supply function: Wage per hour Quantity of Nurse Supplied $2 1 4 2 6 3 8 4 10 5 12 6 Nurses are used by the clinic to provide clinic visits.
what is the best level of output of a perfectly competitive firm in the long run?
Why is organic food a positional good? What other ways do wealthy people have an advantage in avoiding pesticides? How does this relate to global inequality? How are organic foods produced, marketed, and sold in a capitalist society? Compare and cont..
Elasticity refers to the change of one variable because of a change in another. Price elasticity of Demand refers to the percentage change in demand of a good based on its percentage change in price. Changes in price and demand will affect total re..
Statistics show that vacancy rates average 20 percent on any given night." Assuming his statistics are correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variety externalities.
Suppose you are a researcher for a consumer’s advocate magazine. You want to find a sample of cars whose owners have paid for rebuilt transmissions. So, you randomly select a sample of 40 replacement costs and find the mean to be $2,585. The sample s..
If average costs and marginal costs are constant then
How would each of the following changes affect the demand cure for acupuncture?
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