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Bill receives utility form consumption of two goods X and Y. If price of X is $6 and Price of Y is $2, Bill’s budget is $14 and the marginal utility of X is MUx = 3X^2Y^4, what is the optimal amount of X and Y. Solve using the Lagrange multipliers method, then find the corresponding level of utility.
Elucidate why would elasticity of demand be important to you in determining the products on which the taxes should be levied.
Suppose that U.S. government actively uses the fiscal policy to fight against recession and rising unemployment. To incorporate this behavior of government into the model, let’s assume that the government spending equation is given by where 0. Assume..
According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the decrease in the price of cigarettes in these provinces A) more than doubled the smoking rate. B) created no noticeable change in t..
Joe keeps only 5.5 days-of-supply of inventory on average because much of his inventory is live bait and micro-brew beer, both of which have a short shelf life. What is his annual inventory turns.
U.S. is currently suffering from underemployment and excessive current account deficit. a) What measures can U.S. take to move away from its present situation towards internal and external balance? Consider rules of Bretton Woods and policy tools. b)..
A typical firm in a perfectly competitive market has a cost structure described by the equation: C = 25 − 4QF + Q2F where QF is measured in thousands of units. Using the profit-maximizing condition, P = MC, write an equation for the firm’s supply cur..
Chevron Corporation is one of the largest integrated oil companies in the world. Its management is assessing the world marketplace and taking steps to sustain the company’s competitive position. Faced with business competition on a global scale, Chev..
What are some of the inherent problems involved in discussing the notion that there is a single standard for the “American family?”
Consider the following game. You roll a six – sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. What is the expected value of the game?
The cost of desalinating seawater using conventional technology in the Persian Gulf is high (around 0.1£ per cubic meter) and requires extensive amounts of oil. Some time ago scientists suggested that it could well prove both practically feasible and..
As soon as she graduated with an engineering degree and started working, Jamie bought a car for $40,000. A down payment of $10,000 was paid by her dad as graduation gift. The rest of the amount was financed with Generous Motors at 3% nominal interest..
Calculate the current velocity of money from the Federal Reserve Database (FRED). Using the Weekly, Seasonally Adjusted, M1 Money Stock, Updated: 2015-07-02 and the Quarterly, Seasonally Adjusted Annual Rate, GDP, Updated: 2015-06-24 - posted for the..
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