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For both of the following utility functions, draw the indifference curves for the indicated utility levels, including at least three consumption bundles on each. Be precise. (And don’t expect the indifference curves to necessarily look like those in class.)
a. i) u(x,y) = xy ( MUx=y, MUy=x ) for 16 utils and 25 utils ii) u(x,y) = 6x+2y ( MUx=6, MUy=2 ) for 30 utils and 60 utils
Suppose Ann and Bob each have $90 with which to buy xanthum (x) and yarrow (y). Their preferences are represented, respectively, by the utility functions (i) and (ii) in problem 5.a. Assuming the price of x is $12 and the price of y is $2, draw their common budget set. Next, determine each agent’s demands for x and y.
Explain was the demand for its hamburgers elastic or inelastic. Evaluate the accuracy statement.
Which of the following is the result of the "Great Compromise" between the small and large population states?
The average annual cost of automobile insurance is $687. Use this value as the population mean and assume that the population standard deviation is $230. Consider a sample of 121 automobile insurance policies. What is the probability that the sample ..
Suppose a central bank has increased its nation's nominal money supply considerably for several years in a row, but without any increase in inflation. Over the same time, suppose its economy has not grown. Given this information, explain why this mon..
What are the main advantages and disadvantages of the ethnocentric, polycentric, region-centric, and geocentric approaches to staffing policy? When is each approach appropriate? Be sure to relate the different global staffing approaches to strategy. ..
A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by national chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. From the pharmacis..
Due to ever-accelerating technological growth, _________________ unemployment is on the rise worldwide.
Raw materials cost for part is $150, and value added in manufacturing 1 unit from its components is $300, for a total cost per completed unit of $450. How many units of part are held, on average as pipeline inventory.
Some analysts claim that many wealthy depositors prefer maintaining accounts with large “too big to fail” banks, even if they could earn higher interest rates from smaller banks. Briefly explain why these depositors use this strategy?
q. 1. patent systems can be worthwhile if induced innovations are important also if the rewards from patents speed them
Suppose there are two firms in a market that each simultaneously chooses a quantity. Firm 1's quantity is q1, and firm 2's quantity is q2. Therefore the market quantity is Q = q1 + q2. The market demand curve is given by P = 160 - 3Q. Also, each firm..
Explain with examples how these three users (investor, manager and creditor) analyze financial statements and how they use it. If you were one of the three users, what statement(s) entry or entries, and ratios would you observe more critically and wh..
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