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Let u be a utility function which generates Hicksian demand function h(p; u) and expenditure function e(p; u). Let F : R -> R be a strictly increasing function. If the utility function u* is de ned by u*(x) = F(u(x)) what are the Hicksian demand functions generated by u*(answer in terms of h(p; u) and e(p; u)). How are the expenditure functions related?
A spike in the unemployment rate - the biggest in more than two decades - raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing and credit markets are leading the U.S. economy into a painful reces..
Find the equation describing the LM curve. Note that since I did not give you a specic P (and the LM curve is always drawn given a specic P), you will end up with an equation in three unknowns (Y,P,r).
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $56 and the price at point e is $31 per bag. The price at point f is $67 and the price at point g is $32 per bag. Apply the formula for the area of a trian..
Consider a railroad is next to a farm.Each time the train passes by the farm,sparks from the train fly into the farm and destroy some of the crop.The following gives the marginal cost of the train that pass the farm on one month.
Freedmania is a small society that produces and consumes just two goods: tequila and medicine. The price of tequila and medicine are both $1 per unit, but the marginal utility of medicine is greater than the marginal utility of tequila.
(1) A payment of $10/day is to be given this year to each person who was classified as poor last year; and (2) each person classified as poor will be given a benefit equal to 20 percent of the wage income he earns each day this year.
Import Duty-1000 Excise Duty-1000 Outpout sold- 5000 Price per unit of output- 6 Change in stock-600 Intermediate Cost- 16,000 Subsidy-500
What is the equivalent present value of the following series of payments: $7000 the first year, $6500 the second year, $6000 the third year, $5500 the fourth year, and $5000 the fifth year The interest rate is 10%, compounded annually.
If the velocity is fixed, what would the inflation rate be id the money supply was decreased $530 billion Is your answer consistent with the classical dichotomy Explain. Suppose that when the money supply changed.
the elasticity of demand on the part of animal owners is -2.0. The research also estimates that at this price the elasticity of demand for human use would be -.2. The current price is $5.00 per dose. If the MC of production is $1, what should the ..
A Graybar motor costs $7000 and has an electrical efficiency of 89%. A Blueball motor costs $6000 and has 85% efficiency. Neither motor would have any salvage value, since the cost to remove it would equal its scrap value.
Suppose a firm assesses its profit function as: X=profit X= -10-48Q+15Q^2-Q^3 a.) Compute the firm's profit for the output levels of (Q=2, 8, 14) b.) Drive an expression for the marginal profit. c.) Compute marginal profit at Q=2, 8, 14.
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