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Question: Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X + Y UB(X,Y) = Min(X,Y) The initial endowments are: A: X = 2; Y = 4 B: X = 4; Y = 2 Illustrate the initial endowments in and Edgeworth Box. Be sure to label the Edgeworth Box carefully and accurately, and make sure the dimensions of the box are correct. Also, draw each consumer's indifference curve that runs through the initial endowments. Is this initial endowment Pareto Efficient?
Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization (D)? Expl..
Market including marginal production, total production, and wage determination. These terms are important in determining how many workers will be hired by a firm.
Detroit Oil Refinery Expansion Approved Marathon Oil Saturday started work on a $1.9 billion expansion of its gasoline refinery in Detroit.
Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.
An engineer bought a $1000 bond of an American airline for $875 just after an interest payment had been made. The bond paid a six percent coupon interest rate semi annually. What nominal rate of return did the engineer receive from the bond if he hel..
Describe verbally what will occur in the short run. It is a good idea to draw a graph. What will happen once new firms are able to enter the market - What level of output will each firm choose?
Thompson Mechanical products are planning to set aside $150,000 now for possibly replacing its large synchronous refiner motors whenever it becomes necessary. If the replacement isn`t required for 7 years, how much will the company have in its invest..
Suppose the Tampa Bay Rays baseball team charges $10 bleacher seats and sells 250,000 of them over the course of the season. The next season, the Rays intends to increase the price to $12 and sell 200,000 tickets.k- what is the elacticity of dema..
Two mutually exclusive alternatives are being considered. Both have lives of 5 years. Alternative A has a first cost of $2500 and annual benefits of $746.
Michelle (a calendar year individual) begins a new business as a sole proprietorship. She would like to use an October 31 fiscal year end for her business because the calendar year ends during her busy season
The marginal cost pricing model calculates a mark up over marginal costs using estimates of the price elasticity of demand. Will any other pricing strategy result in higher profits?
Find the natural equilibrium fish population and the maximum sustainable yield
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