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If Jacob receives by consuming ice-cream cone (X) and hamburger (Y) at Burger King is represented by the utility function U(X;Y) = XY. In addition, the per-unit prices of ice-cream cone and hamburger are $1 and $3 respectively. Jacob has an income of $24 to spend on the two goods.
Derive Jabob's budget constraint equation.
What is the slope of the budget line?
Derive the marginal utility of good X (MUX) using partial differentiation
Derive the marginal utility of good Y (MUY) using partial differentiation.
Using the equlibrium condition -MUX/MUY = -PX/PY to derive the quantity of each good consumed at the utility-maximizing equilibrium.
What is the utility level?
If income now doubles, while there is no change to the per-unit price of the two goods, derive the quantity of each good consumed as well as the utility level at the new equilibrium. What type of goods are X and Y?
Suppose the NPV for the 20-year ring levee is $3 million and the NPV for the 60-year floodwall is $5 million, both discounted at 5%. Calculate the EANB for each project. Then, use the replication method to determine which project should be adopted..
A recently developed citrus orchard will come into full bearing after 6 years. Starting at the end of the 7th year of operation and continuing through a productive life which lasts till the end of the 26th year, the orchard is expected to produce ..
total output increases from 100 units to 110 units per week. Suppose the market price of output is $25 per unit. What is the maximum weekly wage at which the firm would hire that additional worker
Assume that the country possesses 50,000 units of capital and 25,000 units of labor. What is Y What is labor productivity computed from the per-worker production function Is this value the same as labor productivity computed from the original prod..
If he invests $100 monthly, how much will be in the retirement fund in 25 years if it averages a return of 5.5% APR with monthly compounding. Another retirement fund offer 6% EAR with monthly compounding. What would the value of this be ..
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number of dresses per week and L is the number of labor hours per week.
Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies das a frequent-travel program that reduces the cose of h..
By assuming there is no change in the level of the MPC and MPS and planned investment jumps by 200 and is sustained at that higher level, recomputed the table. What is the new equilibrium level of Y Is this consistent with what you compute using t..
Suppose that the demand for labor in an economy is Ld = 100 10W, where W = wage in dollars per hour and L = number of workers. The labor supply of native workers is 50 million, and it is perfectly inelastic. Suppose that this economy experiences a..
coordinate axes on a piece of graph paper. Label horizontal axixs from 0-50 units and vertical axis from $0- $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units.
A plant is considering buying a second-hand machine to use as stand-by equipment. The machine costs $3,000 and has an economic life of 10 years, at which time its salvage value is $600; expected annual operating costs are $100.
Consider a 6500 piece of machinery, with a 5 year depreciable life and an estimated 1200 salvage value. The projected utilization of the machinery when it was purchased, and its actual production to date as follows.
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