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Suppose that Pete is currently consuming at a level in which his marginal utility of consuming an extra pizza (X) is 10 and his marginal utility of consuming an extra beer (Y) is 2. Assume that his preferences are convex. a. (2 pts) What is Pete’s MRS of pizza for beer? That is, what is the number of beers that he is willing to give up to get one more pizza? b. (6 pts) Suppose that the price of a pizza is $8.50, and the price of a beer is $2.50. Is Pete maximizing his utility at his current consumption? If not, how should he change his bundle to reach his optimum? Explain your answer using the marginal utility condition at the optimal choice.
Illustrate what are the main determinants of the amount of excess reserves held by banks. Illustrate what is the primary determinant of deposits and the money supply in the long-run.
Elucidate how managers can use price elasticity to discriminate or charge different prices among different groups of customers.
Assume the graphs represent the demand for utilize of a local golf course for which there is no significant competition.
demand for a good of an industry is given by the equation pq=100, where p is the price and q is quantity and supply is given by the equation 20+3p=q. find out the equation price and quantity
Now she wants to pay off the remaining installments in one lump sum (at the end of 12 months). How much does she owe the furniture store?
Elucidate how the solow growth model differs from models of endogenous growth with respect to the sources of technological progress and returns to capital.
Explain why does the profit motive does not automatically avoid air pollution in the production of steel and other products.
iv. Find the utility maximizing combination of income and leisure. How many hours will this person work? Imagine the wage rate increases to $8 per hour. Will this person work more hours?
Lauren Moore has sold her business for $720,000 also wants to invest in condominium units (
Suppose that an increase in crime (O) also results in a per unit amount of social damage equal to d(d>0).
Fred's Fashion Accessories of New Jersey produces jewelry for sale in Boston and New York subject.
What are your monthly payments during years 5, 6, and 7? b. How much interest is in the sixtieth month's payment? How much principal?
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