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Problem associated with fourth video: demand with perfect substitutes Consider the following utility function u(x1, x2) = 2x1 + x2.
(a) Calculate the MRS for this utility function. Does it depend on x1 and x2. (b) Given an income m and prices p1 and p2 derive the demand function for good 1. Represent it graphically (x1 in the horizontal axis and p1 in the vertical axis).
q1. mexico does not have an absolute advantage in producing sugar over all of the other sugar producing countries. does
Also during first year, cookie business made monetary outlays of $9,000. You may assume that re is no opportunity cost to Zach's time. What is economic profit and accounting profit.
Henry initially consumes the quantity of pens and pencils shown as B in figure 2. After the prices of both goods change, he buys combination A. From figure 2 and these facts, it must be true that . . .
q1. in our study of the problem of measurement error in the dependent variable we learn that one solution is to use
If the price of coffee increases, we get a positive rate of inflation, even if no other price rises. Is this really inflation? Explain.
Discuss how each of the following will affect the market clearing price and quantity in each market. Discuss how the supply and /or demand curves will shift in the following cases (if at all) Incomes rise and the good is a normal goods.
A perfectly competitive business maximizes profit by producing at a rate where ________.
What are the two characteristics of public goods. Is U.S. border control a public good or a private good.
Which of the following factors reduces the need for government involvement in the marketplace?
Suppose that since some base year, the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -exp..
Assume that the Fed decided engages in an open market purchase of $100 million dollars. If the required reserve ratio is 10%, and if banks hold an additional 2% of their assets in bonds, calculate the total change in the money supply.
A 10% increase in the slice of pizza causes a 10% drop in quantity of both pizza and beer. Describe elasticities and the nature of the two products
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