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Suppose Tom's preferences for pants and shirts are represented by: U(x1,x2 )=x1^2 x2^3, and he faces a linear budget constraint, 2x1+ x2=50. Given that the price of good 1 increases to 4, what are (1) the compensating and (2) equivalent variations? You must set up the Lagrangian and derive the demand functions for this question. Be sure to clearly identify which prices, old or new, are used to derive the values for EV vs. CV, and which utility, old or new, is used to derive EV vs. CV.
Using the following information for individuals and their willingness to pay for a bottle of ginger ale, calculate the total consumer surplus at a market price of $5.
Assuming there is no change in either demand or the firms' cost curves, explain what will happen in the long run to the price of fertilizer, marginal cost, average total cost, the quantity supplied by each firm, and the total quantity supplied to ..
What theory or theories would Ima use?
Summarize the article, focusing on the discussion of the topic the article addresses. Define the economic concept being addressed.
Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that has a relatively elastic demand and a relatively inelastic s..
Describe the microeconomic principles being used
Suppose that an individual allocates his or her entire budget between two goods, food and clothing. Can both goods be inferior? Explain.
Wtite a one page paper about Housing Crisis. Housing Crisis- explained and how it impacted retailing.
Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service.
the following relations describe demand and supply.q 700 - 100p 1 q -100 100p 2where p is price in dollar and q is
Prepare a report for Buckeye's management with a production and changeover schedule for next eight weeks. Be sure to note how much of total cost is due to production, how much is due to inventory, and how much is due tochangeover.
In mid-1968, the government imposed a 10% income tax surcharge on personal and corporate income to pay for the costs of the Vietnam War.
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