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Maria is the only person in an island, and she has an endowment of 14 units of X and 7 units of Y.
Her utility function is: u(X, Y ) = ln(X) + 5 ln(Y )
a. Find the marginal utility of X and Y .
b. Find the marginal rate of substitution when Maggie consumes all her endowment.
The Madison location is the central headquarters for Badger Widgets. They have a full IT staff along with an established network infrastructure that includes Windows Server 2008 servers
Daniel consumes food and newspapers. Given that these are the only two goods he consumes, it is possible for both food and newspapers to be inferior goods for Daniel. Sister Prudence, a nun in the Dominican order (a Catholic religious order), has tak..
Suppose Sam and Kevin can produce pens and pencils as shown in the table below. Pens Pencils Sam 12 hours 8 hours Kevin 4 hours 6 hours Who has a comparative advantage in producing pens? Who has a comparative advantage in producing pencils?
After reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost, address the following in your initial post: First, describe several different fixed costs and variable costs associated with operati..
The single most important health policy choice in the United States over the past four decades has nothing to do with the Department.
In June, Percy buys 8 cookies and 12 crackers. In July, the price of cookies rises and the price of crackers falls. His June and July budget lines cross at the point (10, 10). In July, Percy might choose to buy 12 cookies. If cookies are an inferior ..
Suppose that capital per hour of work grows by 3 percent and technology grows by 1 percent over a one year interval. What is the growth rate of real GDP per hour of work? Show the formula and all work. To understand what causes productivity growth, w..
Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?
If firms can easily substitute another input for the one that has increased in price, there may be little increase in costs. If an input constitutes a large fraction of total costs, an increase in its price will raise costs significantly.
Consumer surplus ….. when international trade is open as compared with a closed economy: Free international export and imports have a net benefit for: Which is steeper when it rises and steeper when it falls
q1. arc-bot technologies manufacturers of six-axis electric servo-driven robots has experienced the cash flows blow in
Complete the first column of the following table by computing the cross-price elasticity between penguin patties and flopsicles
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