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Consider Gaby's utility function u(X1, X2 ) = 4√x1 + x2, where x1 is the consumption of rice and x2 is "everything else". Assuming the income is m and the prices are p1 and p2, repectively.
Is this preference homothetic? Justify your answer.
Derive the ordinary demand function for both x1 and x2 .(Consider all possible situations)
Suppose m = 30, p1 = 1, and p2 = 2, compute her optimal consumption bundle.
Now it cost p'1 = 4 to buy a unit of rice, what is his new consumption bundle?
Draw Engel curves for both x1 and x2.
Excel: For each of the letters on the next page, create one graph in Excel. Use a separate Excel spreadsheet for each letter. Construct graphs from the data.
Hubert is a 72-year-old professor. He teaches only one or two courses a year, but he''s still pursuing an active research agenda.
Suppose that the interest rate is 5%. Which of the following statements are true and which are false?
Explain in words what each of these equations means or describes. Write down the goods market equilibrium condition for the model.
One might expect company in monopolistically competitive market to experience greater swings in price of their products over the business cycle than those in an oligopoly market.
Assuming the executive exercises the stock option and then sells the stock, what is the total compensation for the year?
Public Affairs 854 Spring 2013 - Midterm 1. Calculate the change in income for a change in the real exchange rate. Show your work! Calculate the change in the trade balance for a given change in the real exchange rate. Hint: TB ≡ EX - IM. Show your w..
Daniel is a diligent student who loves getting A's. But he also loves watching movies. Daniel is awake for 100 hours each week, and studying and watching movies are his only two activities. Daniel must study for 20 hours per week for each A he ear..
The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1000 - 5Q.
Keeping in mind that either Ginny or Eric must take time off from work to prune the trees, who has the lower opportunity cost of completing the task
Can the regression that you suggested in response to given problem be used to estimate the effect of gender on an individual's earnings? Can that regression be used to estimate the effect of the national unemployment rate on an individual'..
Define the term shadow prices and outline the challenges encountered in the determination of shadow prices.
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