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Sam’s utility function over goods X and Y is considered to be
U(X,Y) = 10X +5Y
His income is $100 and the price of X is $2 and the price of Y is $5.
a) Calculate the MRS or the marginal rate of substitution between X and Y.
b) How much X and Y will Sam buy to maximize his utility given his budget constraint and the prices of X and Y?
Consider this statement: “Conservationists want to save too many spotted owls.” Use graphical analysis accompanied by a concise narrative discussion.
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Distinguish between collusive and non-collusive oligopoly. Explain the following features of oligopoly.
Often building supply retail store employees become friendly with their customers (building contractors) and will do those favours. For example, they might charge customers for 90% of the flooring material being purchased, or they might hide the last..
What are the current monetary policy goals?
What is the purpose of the policy Why is the policy necessary The welfare of consumers, producers, and society (the winners and losers) before and after the policy The distribution of costs and benefits Does government intervention improve the si..
A HEADLINE article in the text is titled Consumer are Spending Big Time. Determine which of the following is most likely to happens a result of increased consumer spending?
consider two firms facing the market demand curve p 100 - q where p is in unit q is total output q q1 q2 q1 is the
The bank is willing to lend the business this money at a 10 percent interest rate over an eight-year term.calculate the monthly payment, and explain what the business must be able to do with this money.
A firm has the following demand plans and short-term costs for a particular product. Q = 200 -5p TC = 400 + 4Q. What price should the company sell their product?
In the classical model with fixed income a decrease in the real interest rate could be the result of a(n): If currency held by the public equals $100 billion, reserves held by banks equal $50 billion, and bank deposits equal $500 billion, then the ..
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