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A consumer’s utility function is U(x, y) = 2xy2 . The price of x is Px, theprice of y is Py, and the consumer’s income is I. (x and y do not have to be integers.)a) Derive the equation of the consumer’s demand curve for x.b) With y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.c) Suppose the consumer has income I = 150 and faces prices Px = 5 and Py = 10.What is the optimal basket? Calculate the income and substitution effects (withrespect to x) when Px increases to 8.
Describe how capital and labor affect the production function for both a toy manufacturer and a retailer during the Christmas retail season.
there are also more than 475 bilateral and regional trade blocs, including the North American Free Trade Agreement and the European Union, which provide special trade preferences to member nations.
Make sure your explanation is clear and that you provide specific examples. Any quotes from the readings or external materials must include quotation marks and an in-text citation.
Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the effective monthly interest rate.
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
You have learned that a subsidy is preferable to a tariff if the objective is to generate a given amount of employment in an individual industry. Explain this point in language understandable to someone untrained in economics.If you were an import..
Comment on the acceptability of the model's ability to pick up the systematic variation in your Fit period actual data and develop a one year forecast
Assuming an economy is initially at potential output, an expansionary monetary policy will: A) not affect output in the long run. B) not affect output in either the short run or the long run. C) affect output, but only in the long run. D) affect o..
Imagine that you have been hired as the start-up manager for a new hospitality enterprise. It could be a fast food restaurant, a resort, a business hotel, or any other business in the hospitality industry. You want to create a plan for instituting..
Find the quantity at which diminishing marginal returns set in and if the monopolist's goal is to maximize profits, and the monopolist charges all customers the same price, determine the optimal level of output.
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
MICROECONOMICS
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