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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.
Successful online students plan their activities and their time so they can accomplish their professional and academic goals and still have time for family and leisure. Time management is often a big issue with many online learners.
Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
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Other things being constant, how will the following influence the hourly earnings of employees? Explain your answer. a. The employee must work the midnight to 8: 00 A.M. shift.
Nova corporation just announced that it had a record year. Its earnings have increased nearly 10%. Explain how this announcement can lead to a decline in the price of Nova Corporation's Stock
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You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
Would warehouse operators insist on owning their own trucking companies What coordination and control problems and contractual hazards would these companies encounter What organizational form would warehouse operators and truck hauling companies a..
The list price of an orange dial Luminox watch is $650. Katz Jewelers receives a trade discount of 30%. Find the trade discount amount and the net price.
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
statement of the problemthe purpose of this report is to show the potential of lowering energy consumption when
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