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Because people dislike commuting to work, homes closer to employment centers tend to be more expensive. The price of a home in a given employment center is $60 per day. The daily rental price for housing drops by $2.50 per mile for each mile farther from the employment center. The price of gasoline per mile of the commute is pg (which is less than $2.50). Thus the net cost of traveling an extra mile to work is pg - 2.5. Lan chooses the distance she lives from the job center, D (where D is at most 50 miles) and all other goods. The price of A is $1 per unit. Lan's utility function is U = (50 - D)0.5A0.5, and her income is Y, which for technical reasons is between $60 and $110.Is D an economic bad (the opposite of a good)?b. Draw Lan's budget constraint.c. Derive Lan's demand functions for A and D: The graph.c. Derive Lan's demand functions for A and D: The Lagrange method.d. Show that as the price of gasoline increases, Lan chooses to live closer to the employment center.e. Show that as Lan's income increases, she chooses to live closer to the employment center. Reportedly, increases in gasoline prices hit the poor especially hard because they live farther from their jobs, consume more gasoline in commuting, and spend a greater fraction of their income on gasoline ("For Many Low-Income Workers, High Gasoline Prices Take a Toll," Wall Street Journal, July 12, 2004, A1). Demonstrate that as Lan's income decreases, she spends more per day on gasoline.That is show that ? D*/Y < 0.
The price earnings ratio for each stock is determined through dividing the value of a share of stock by the earnings per share reported by the firm for the most recent 4-quarters.
A random sample of 25 employees of a local company has been measured. A 95% confidence interval estimate for the mean systolic blood pressure for all company employees is 123 to 139. Which statements is valid.
Computing regression lines, coefficient of squares, graphing dependent and independent variables using square footage vs home sales.
the demand for its product comes from two types of customers, I and II. Each type I customer (there are 25 of them) has a demand curve given by Q=12-P, while each type II customer (there are 30 of them) has a demand curve given by Q=9-P.
A loan of $200,000 at 7% interest will help fund the purchase. The loan is to be repaid in seven equal annual installments including interest. The firm's marginal income tax rate is 39%. The equipment qualifies for MACRS 5-year property.
Suppose initially (period 0) the economy is endowed with $5 (billion) of capital stock and 10 (thousand) workers (let's ignore the units). We know that saving rate s is 0.15, population growth rate n is 0.01 and depreciation rate d is 0.09. Suppos..
If your nominal income rose by 2.8 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approx) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in som..
A machine has an initial cost of $500,000, and was estimated to have a salvage value of $30,000 at the end of its 7 years useful life. The machine is expected to generate annual net savings of $125,000. A loan of $200,000 at 7% interest will help ..
Using the following national income accounting data, compute (a) GDP, (b) NDP, (c) NI. All figures are in billions. Compensation of employees U.S. exports of goods and services Consumption of fixed capital (depreciation) Government purchases Taxes on..
Event 1: The wages for all dental assistants increase, increasing the costs of inputs. Event 2: The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services.
A. If the interest rate is 35%, what is the maximum you can spend in the current period B. If the interest rate was lower, you probably would be able to spend more than that. What would be the maximum interest rate that would allow you to spend $2..
S&B Manufacturing Inc., a manufacturer of packaging products is attempting to select a short run strategy which maximizes the long run value of expected future profits. Their long run value will depend upon their competitor's response. The control..
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