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Dave currently consumes 10 hot dogs and 6 sodas each week. At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3. If the price of one hot dog is $1 and the price of one soda is $0.50, is Dave currently maximizing his utility? If not, how should he reallocate his spending in order to increase his utility?
If in some country personal consumption expenditures in a specific year are $50 billion, purchases of stocks and bonds are $30 billion, net exports are -$10 billion, government purchases are $20 billion, sales of second-hand items are $8 billion.
Analyze the comparative dynamics in response to the announcement at time T that at some future date T' > T the tax rate will decline to τ'
Three students have each saved $1000. Each has an investment opportunity in which he or she can invest up to $2000. The rates of return on the students' investment projects are: Harry: 5% Ron: 8% Hermione: 20%.
The Manchester Athlete's Club (MAC) is a private, not-for-profit athletic club located in St. Petersburg, Florida. MAC currently has 3,500 members but is planning on a membership drive to increase this number significantly. An important issue faci..
Add dummy variables to the last four observations and hence obtain the prediction errors for these years, given a regression based on the first 32 observations. Subtract these from the actual outcomes to obtain the forecasts. Derive a confidence i..
Costs associated with the manufacture of "blah" are $73,000 per year. They found that by spending $16,000 now, the cost will go down to $58,000 next year and $52,000 in years 2 through 5.
However, poverty among that portion of the U.S. population that is less than 18 years old is no lower today than in the 1970s.Why have the experiences of these two age groups differed?
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table.
Liliana Alvarez's employer offers its workers a two-month paid sabbatical every seven years. Liliana who just started working for the firm, plans to spend her sabbatical touring Europe at an estimated cost of $25,000.
For each of the following utility functions, find the marginal utilities (MUx and MUy) and the marginal rate of substitutional between x and y (MRSxy) and explain whether MRSxy is diminishing or not.
An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..
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