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Amy has a utility function:
u(x,y,z)= x+2lny+lnz
(a) What kind of preferences does Amy have? Explain. What does this mean for her demand functions?
(b) Derive her demand functions when she has income M and faces prices px, py , pz.. Explain your steps in deriving the demand functions.
(c) Find the income, own price and cross price elasticities of good y. Explain whether the good is normal, ordinary and a substitute or complement of the other goods in demand.
Make sure you give complete definitions and explanations for this set of questions. When dealing with thedecrease in income, you will want to talk about the effects on thebudget constraint and the consumption bundle of the consumer.
Calculate what would be the minimum annual vehicle use in km/year that would justify the choice of a diesel engine car over the petrol version? Does this correspond to your answer to 4) above?
part -11. write down the households budget constraints for period 1 and 2 and identify the current account.2. derive
Could a future advance in technology allow production beyond the current possibilities curve Could international trade allow a country to consume beyond its current possibilities curve Is production at a point outside the production possibilities c..
Evaluate the impact of the proposal to cut prices on total revenue, totalcost, and total profits - Price and Output Determination:Monopoly and Dominant Firms
1. employees at foxconn factories described in the e-activity worked more hours than allowed under chinese labor laws.
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
But before the Fed can act, the presidents chief economic advisor holds a press conference and states that the Fed should ease its policy to stimulate the economy. Does this statement make easing the policy less or more di¢ cult for the Fed
Adjust the graph to show the effects of improvements in farm technology. Explain the processes underlying these effects. You may clarify your response with hypothetical prices and quantities.
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
Analyze what is driving the increase on "donations" for certain body products. Explain the rationale for this trend.Provide an example of a time when you had to deal with opportunity costs. Describe the situation and how you responded.
you consume only soda and pizza. one day the price of soda goes up the price of pizza goes down and you are just as
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