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Question: A consumer has a utility function U(x1, x2) = x1x2 + x1 + x2. Her income is m dollars, while prices of goods 1 and 2 are p1 and p2, respectively.
(a) Find the demand functions for goods 1 and 2.
(b) Find the indirect utility function, that is, find the maximum level of utility in terms of prices and income.
(c) Find the function that expresses the marginal utility of money income as a function of prices and income. Show that this function is equal to the Lagrange multiplier.
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Charm City Mining Company owns two mines, each of which produces three grades of ore- high, medium, and low. The company has a contract to supply a smelting company with at least 8 tons of high-grade ore, 10 tons of medium-grade ore, and 18 tons o..
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Exponential inter-temporal utility function question
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To help you connect what you're learning in class with current events, you are required to find an economics-related news article, read it, and write a short paper connecting your findings to topics we've discussed in class.
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