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Suppose that Natasha’s utility function is given byu(I) = 10I, where I represents annual income in thousands of dollars.
a. Is Natasha risk loving, risk neutral, or risk averse? Explain.
One of President Obama's goals is energy independence for the United States. Suppose the President and Congress agree to a revenue-neutral plan to increase tax credits for production of green energy. Using the classical model, verbally and gra..
The utility estimates that by switching to gas, it will save $22,000 per year, starting 3 years from now. At an interest rate of 8% per year, determine the present worth in year 0 of the projected savings that will occur in years 3 to 10.
Distinguish between commonly used trade-restricting devices, including tariffs, quotas, voluntary export restraints, and exchange-rate controls and explain their impact on the domestic economy.
A user has the utility function U(x1,x2)=min{x1,2x2}, and his endowment is W=(0,12)
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
Herbert spends all $50 of hes paycheck on food and shelter which each cost $5 per unit what is the equation of hes budjet line ? Sketh the budjet line and two possiable indifference curves
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
draw a simple circular flow diagram with just firms:downstream firms that product final goods and services for consumption, and upstream in production only intermediate goods that are used by downstream firms in production.
Does this production function display increasing, constant or decreasing returns to scale and find the corresponding minimum cost function assuming that w 1 and w 2 are given.
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1. How many units of nuts will Anthony demand?
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