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Suppose U (x, y) = 4x2 + 3y2
(a) Calculate ∂U/∂x and ∂U/∂y
(b) Evaluate these partial derivatives at x = 1, y = 2.
(c) Write the total differential for U
(d) Calculate dy/dx for dU = 0 - that is, what is the implied trade-off between x and y holding U constant?
9e) Show U=16 whenx=1, y=2.
(f) What is the marginal rate of substitution when x = 1, y = 2?
If you had the money now, you could invest it in an account with a quoted annual interest rate of 9% with monthly compounding of interest.
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Suppose a manufacturer estimates its marginal cost at $1.00 per pack, its own price elasticity at -2, and sets its price at $2.00. The company's settlement obligations are expected to raise its average total cost per pack by about $.60. What effec..
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Which of the following situations is likely to involve moral hazard?
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In April 2000, the seasonally adjusted unemployment rate was 3.8%. By June 2001, the unemployment rate has increased to 4.5% yet the measures by the fedreal reserve tlo reduce short-term interest rates were taken in stages, and in fact the unemployme..
The utility function of a consumer is given by U = log(b) + log(c) where b and c are the consumption levels of barley and corn. Assume that the price for both goods is $1 and that the consumer has an income of $100. Assume that the government introdu..
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