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Question: In Ozland, the price of milk is 4/L, and the price of water is 10/L. Ozland is famous for equality because every resident in Ozland has a wealth of $17.
Suppose Anne's utility function is u{x1, x2) = 17x1 + 20x2, where x1 is the litres of milk and x2 is litres water that she consumes. How many litres of milk should Anne consume to maximise her utility?
Anne's twin sister Arabella unfortunately have slight lactose intolerance, her utility function is u(x1, x2) = 1x1 + 20x2, how many litres of water should Arabella consume to maximise her utility?
Bill is a heavy addict of a popular drink called the Long White Milk, which is a mix of milk and water. And he has a strict requirement for its recipe - his utility function is u(x1, x2) = min{5x1, 21x2}. What is the optimal quantity of water for Bill?
Explain why the con?dence interval for the mean value of y for a particular x-value, say, xp, gets wider the farther xp is from x¯. What are the implications of this phenomenon for estimation and prediction?
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. how might the government help to eliminate this inefficiency.
an angel investor is considering investing in one of two start-up businesses and is evaluating the expected returns
From 1992 to 1997, the unemployment rate in the US declined from 7.5% to 4.9%, while at the same time it rose from 8% to over 12% in continental western Europe.
What number of workers appears to be most efficient in terms of pizza product per worker - What number of workers appears to minimize the marginal cost of pizza production assuming that each pizza worker is paid $500 per week?
1. Consider a one-year discount bond that pays $2,000 one year from now. If the rate of discount is 3 percent, calculate the present value of the bond.
Identify the alternatives. Examine economic models with hypothetical situations. Consider the likely actions and reactions of other decision makers.
During its current tax year (year one), a pharmaceutical company purchased a mixing tank that had a fair market price of $120,000. it replaced an older, smaller mixing tank that had a BV of $15,000.
Read the article about President Obama and President Putin
Which in your mind is the lesser of the three evils? Remember there is no wrong answer, this is just a way to talk about a class concept with your classmates.
Write a 2-page paper describing how trade, comparative advantages, and specialization can aid in improving efficiency of individuals, firms, and/or countries.
How much output will each firm produce in the Cournot-Nash equilibrium?
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