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Cori eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs she eats. What is her utility function? If the price of eggs increases but we compensate Cori to make her just as "happy" as she was before the price change, what happens to her consumption of eggs? Draw a graph and explain your diagram. Does the change in her consumption reflect a substitution or an income effect?
e range has already been narrowed to an 11-point range.
What is the break-even personal discount rate at which someone would be indifferent between the two options? What can you conclude about the personal discount rates of the enlisted personnel and officers?
Implement your procedure on the phoneme data, and try it out. Divide the data into a training set and a test set (50-50), making sure that speakers are not split across sets (why?). Use K = 1, 3, 5, 7 centers per class, and for each use J = 5, 10,..
In the long-run equilibrium in an increasing-cost industry, each firm earns zero economic profits. Yet there is a positive area between the long-run industry supply curve and the long-run equilibrium price. What does this area represent?
A steel rod having a cross-sectional area of 300 mm2 and a length of 150 m is suspended vertically from one end. The rod supports a tensile load of 20 kN at its free end. Given that the mass density of steel is 7850 kg/m3 and E = 200 GPa, find the..
Alvin wants tostart college and have $12,000 available to buy a used car when he graduates in 4 years. Alvin wants to buy a new computer, software, and peripherals now, and he earns nominal interest rate 3% compounded yearly.
Relative to your reservation wage at the time you accept each job, which job pays more: your first one or the one you expect to have in 10 years?
What are the four incentives of private property? How do they differ from the incentives found in common property?
Supposing that the majority of rice eaters are workers who live in cities, while rice is grown by many small farmers living in the countryside. Describe the likely effects of this policy on urban and rural well-being, and on well-being overall.
A minor league baseball team is trying to predict ticket sales for the upcoming season and is considering changing ticket prices. a. The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7.
Sue consumes only two goods, food and clothing. The marginal utility of the last dollar she spends on food is 12, and the marginal utility of the last dollar she spends on clothing is 9. The price of food is $1.20/unit, and the price of clothing is..
How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease?
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