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Tyrion can either buy wine or pay for female companions. Wine costs 10 gold dragons and female companions cost 100 gold dragons. When all of his income is spent, Tyrion figures that his marginal utility from female companions is 80 and his marginal utility from wine is 20. He could increase his utility by a) spending more on wine and less on female companions b) spending less on wine and less on female companions c) spending more on wine and more on female companions d) spending less on wine and more on female companions
The utility function of a worker is represented by U(C,L) = C×L. Suppose this person currently has 100 hours of leisure and $1200 in consumption in a given time period. What must the worker’s hourly wage rate be if she is maximizing her utility?
Estimate each of these alternatives from the perspective of economic efficiency, equity, and the likely long-term impact on the firm.
Differentiated goods are NOT a feature of a:
John Livingston is looking into the possibility of buying several coin-operated vending machines also placing them in the local hospitals.
Suppose that Bill, a resident of the U.S., buys software from a company in Japan. Explain why and in what direction this changes U.S. net exports and U.S. net capital outflow.
You are considering buying a perpetual annuity which cost $10,000 now upfront. you could instead invest in a cd and earn 4% your discount rate. what is minimum yearly payout you require to buy this annuity?
What is the greatest advantage to business owners of a corporation vs. other business entities? Which business entities require permission from the state to become created? What is the basic governing document of the modern corporation?
Assuming that the cost of capital is $1,000 and labour costs $10.00 per hour, determine the total variable cost, average variable cost and the marginal cost of the firm for the output levels given above.
GRAPH a comparison of the short-run and long-run profits, price, and quantity of a Monopoly and a Perfect Competition firm. Which type of market structure generates greater profits? Why? Give 5 Characteristics of a Perfect competition firm and monop..
What are two factors that can cause the nation's real GDP to increase in the short run? What are two factors that can cause the nation's real GDP to increase in the long run?
The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $8186 per year, beginning at the end of year 1. How much should the company set aside today to pay for the coo..
Assume there are 20 identical individuals with a utility function U (x, y) = squareroot xy and income I = I $100. Also, assume that the price for good y is p_y = 4. Furthermore, assume there are 10 identical firms producing good x and using a product..
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