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Write an instructional guide of 1–2 pages that explains how to set up a festival booth. Be sure to offer a clear heading that summarizes the task, use numbered lists if and when necessary, and do not mix instructions with conceptual information. Your level of detail should reflect the skill level of the person performing the task. Close by letting the reader know when the task is complete.
Sam’s utility function is U(x1, x2) = 2x1 + x2, where x1 is the number of units of good 1 he consumes per week and x2 is the number of units of good 2 he consumes per week. Sam has $200 a week to spend. If he belonged to the club, he could buy good 2..
In the special case of 100-percent-reserve banking, the reserve ratio is 1, the money multiplier is 2, and banks create money. In the special case of 100-percent-reserve banking, the reserve ratio is 1, the money multiplier is 1, and banks do not cre..
A rather wealthy man decides to arrange for his descendants to be well educated. He wants each child to have $60,000 for his or her education. He plans to setup a perpetual trust fund so that six children will receive this assistance in each generati..
What would happen if suppliers charge less than the equilibrium price for your good or service.
Give one historical reason and one theological reason for the split between Sunni and Shi’a Islam. A historical reason is a practical matter of political or economics. A theological reason is based on an explicitly religious idea. The material in Fis..
Assume that a piece of equipment has a replacement cost of $10,000 and an 8-year life. Calculate its annualized cost at an interest rate of 15%. Show your calculations.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u (xy)= lnx + 2 ln y (MUx=1/x, MUy=2/y). Derive his demand functions for x and y.
In production theory, what distinguishes the short run from the long run? Can these periods be defined in terms of specific lengths of time? Why?
For medical practices, hospitals, and other healthcare organizations, the value of the whole is usually more than the sum of the values of the organization's individual assets. Explain why this is so.
Suppose $1.69 = £1 in New York and $1.71 = £1 in London. How can foreign-exchange arbitragers profit from these exchange rates? Explain how foreign-exchange arbitrage results in the same dollar/pound exchange rate in New York and London. (£ represent..
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
Remote airplanes. specialized market for hobbyists, we'll just have to assume that there are enough buyers and sellers such that the demand and supply curves are smooth, straight lines. Calculate consumer surplus for this market before any tax is app..
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