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Suppose Alan’s preferences are described by the utility function:
U(x, y) = ln(x) + 2ln(y)
a. Find Alan’s MRS.
b. Find the equation for Alan’s indifference curve through the bundle (3, 6).
Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption of gasoline and a 30% drop in the sales of SUVs. What can you say about elasticities?
Suppose a country can produce a maximum of 20,000 jumbo airliners or 2,000 aircraft carriers. What is the opportunity cost of an aircraft carrier? If another country offers to trade six planes for one aircraft carrier, should the offer be accepted?
Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related. Explain how sellers' costs, producer surplus, and the supply curve are related.
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
q.predict how us monetary and fiscal policymakers might respond to the following macroeconomic shocks to promote stable
identify the circumstances under which Sarah should choose package A, the circumstances under which she should choose package B
Suppose the Fed reduces the money supply by 5 percent. (a) What happens to the aggregate demand curve? (b) What happens to the level of output and the price level in the short run and in the long run?
Your disposable income is $100,000 a year. You face a 50/50 chance of losing $10,000 from an illness requiring surgery and value your income to the utility function U=income^0.6. What is your expected income, what is your certainty equivalent, what i..
A certain waste water treatment unit process costs $50000 to purchase and install and will cost $500 per year to operate. Given an interest rate of 4.00 percent, what is the net present value of this scenario? Assume a 10 year design life. Limit answ..
the company you work for asks you to recommend whether their mercedes truck should be replaced now or kept in service
q1. when the price of ketchup rises by 15 the demand for hotdog falls by 1 calculate the cross -price elasticity of
A presidential candidate has decided to enter primaries in those states in which at least 20% of voters support her. Random samples of 200 voters were taken in each of a number of states. In New Hampshire, 33 voters supported the candidate. Test at a..
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