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Consider Joe who was born with 5 legs; 2 left legs and 3 right legs. His parents give him an allowance of I to buy shoes. To get extra utility from having new shoes, he needs 2 new left shoes and 3 new right shoes. 1. Write down Joe's utility function. Denote the number of left shoes he buys by L and right shoes by R. Draw the indierence curve where the utility level is 2. 2. Are Joe's preferences convex? Show on your graph from the previous part. Are they weakly or strongly monotonic (or not monotonic at all)? 3. By looking at the utility function and your graph, nd the ratio of L to R that Joe will always consume regardless of prices. Explain. 4. Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) 5. Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
suppose you are considering growing and selling maize. Illustrate what is the profit maximising out put.
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. a widget producer wishes to describe how the addition of pounds of rubber will affect its MRP and profits.
it is estimated that the price elasticity of demand is -3.0. Is the firm charging the optimal price for the product. Demonstrate how you know.
A wave of day laborers with experience in home construction moves into the area. Will this shift the labor supply curve, demand curve or both in home construction.
Find out the equilibrium price and quantity that will prevail in the market. At a price of $10, would there be a surplus or shortage.
They use the Internet to pay babysitters. With no cash, does the nature of money change? Should the Federal Reserve change the definition of M1?
Assume income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Now change income to $12 and show a demand curve for pizza.
Prove which at the revenue-maximizing quantity, cost elasticity of demand equals one.
Explain what you think of an alternative way to restructure the compensation of EFT's sales force that could potentially enhance profits.
Determine where each of following increases, decreases, or remains unchanged in short run: market interest rate, quantity of money demanded, investment spending, aggregate demand, potential output, price level and equilibrium real GDP.
B involves the polluters in each region independently negotiating pollution deductions, assuming the other region is not undertaking pollution reduction.
Joe has $16 to spend on Twinkies and Hohos. Twinkies are prices at $1 and Hohos are priced at $2 per pack.
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