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Suppose Bob has a utility function u(x,y) = LN(x) + (y/4) Suppose the price of x is px = $2, the price of y is py = $1, and Bob's income is m = $8. a. Show that the marginal rate of substitution as a function of x & y is 4/x. b. Set the MRS equal to the price ratio to find the income-consumption curve. c. How many units of x and y will Bob buy? d. Suppose the price of y increases to 2. How many units of x and y will Bob buy? e. Suppose the price of y increases to 3. How many units of x and y will Bob buy? f. Would your answers to parts a-e change if his utility function were u(x,y)= 4 Ln(x) +y? Why or why not?
The CPI calculation
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
Do you think that companies' DSOs are increasing because of this economy? The days sales outstanding (DSO) ratio (which is also known as the average collection period) is an critical ratio that should be analyzed when evaluating a company's short-te..
Technology policies and planning are important factors in maintaining a business's technological assets and data security. Identify a contemporary technological breach in a company. How might this event been avoided? Answer 250-500 words
Find the incremental costs of a policy initiative that increases the phosphorus abatement level from its baseline of 30 percent to 45 percent.
suppose that you lend 1000 to a friend and your friend pay you back 1100 the nnext year.suppose the price that year
Suppose there are two goods A and B in the economy and these two goods are complementary of each other. At the beginning, the market for each good is in equilibrium. How will an increase in the production costs of B affect both markets?
Discuss the implications on the dead weight loss
if a firm has monopoly power in the market for its output the marginal revenue product of labor a. is no different than for a competitive firm b. is less for each unit of labor than for a competitive firm c. continuously slopes upward instead of turn..
The federal government enacts new tariffs and quotas on all imports
Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to decide the equilibrium price and equilibrium quantity for the product. Analyze five reasons why demand for this product could shift.
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
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