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Using basic Boolean algebra identities for Boolean variables A, B and C, prove that X'Y + XYZ' + Y' + XZ (Y+Y') = 1. Please show all steps and mention the identities used.
Joe's utility for Coke, x_1, and Pepsi, x_2, is define by u(x_1, x_2) = 5x_1 + 5x_2. Joe has an income of $100. Let the price of Pepsi equal $1. Derive Joe's inverse demand curve (price on the vertical axis and quantity on the horizontal axis) for Co..
Your firm makes smart phone cases. The firm is a monopoly that faces the following demand function: P = 360 – 2Q. What are the total revenue and the marginal revenue functions for your firm?
Why is the "power of the purse" an important component of political power? Which of the following was NOT considered a weakness of the Articles of Confederation? Which of the following concepts is most closely associated with John Locke? The U.S. Con..
If the average income in the town increases to 15, solve for the new equilibrium Quantity and equilibrium Pb.
The economy has two sides. One side is the aggregate demand side. Elucidate the relationship between the price level and the quantity demanded of Real GDP.
List and discuss the five important labor market trends How do these trends either support or qualify the proposition that increasing labor productivity leads to higher standards of living? Real wages have gone up rather steadily for decades allowing..
Find the market demand curve for Siracha, assuming Arizona and California are the entire market. Carefully graph this demand curve, labeling the intercepts.
Suppose that the government is deciding how wide to make a public road that services one resident named Bob. Bob’s willingness to pay for each meter of road is described by 20 – 2Q. Find the new optimal road width. Graph Bob’s willingness to pay (dem..
compute the shares of lemon grass also troll labor in Hogwarts' income.
Assume that the U.S. dollar and the Japanese yen are the only two currencies in the world. a. A bilateral nominal exchange rate S is the spot (now) exchange value of one currency in terms of the other and S can be written as dollars per 1 yen or yen ..
The state and local government heavily subsidizes MARTA in an attempt to keep the costs of ridership low. Provide an economic argument as to why the government would want to provide such a subsidy. Be sure to discuss the cost effectiveness of this vi..
The economy is in a recession. Which of the following is a fiscal policy that the government should adopt to strengthen the economy?
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