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Suppose a consumer's preferences can be represented by the utility function: U(X,Y)=X^3/5Y^1/4
a. Derive the function for the marginal rate of substitution holding utility constant
b. Derive the demand curves for the two goods, X and Y.
Select one topic, then post and concisely defend your view. You may post to both topics, but are required to only select one for your initial post. Be careful to identify the positive reasons for your normative position. Examples of Outsourcing. Iden..
Why might European Monetary System provisions for the extension of central bank credits from strong-to weak-currency members have increased the stability of European Monetary System exchange rates?
Suppose that the opportunity-cost ratio for watches and cheese is 1C ? 1W in Switzerland but 1C ? 4W in Japan. At which of the following international exchange ratios (terms of trade) will Switzerland and Japan be willing to specialize and engage in ..
Let us assume the advent of the Internet makes the U.S. labor force more productive and efficient. In the context of the Classical Full-Employment Model, graphically trace out and explain the effects in the labor, goods and capital markets. (For simp..
Suppose the demand and supply for wine within the U.S. is: Suppose the demand and supply for wine in the rest of the world (R.O.W.) is: Calculate the deadweight loss if the U.S. imposes a tariff of 25 cents per bottle of imported wine.
Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics,
Elucidate why haven't the changes to campaign finance laws passed in 2002 been effective in stopping the flow of soft money
Suppose that Sally has 112 hours of time per week to allocate between market work and household time, earns a wage of $12 per hour if she works, and receives $30 per week in non-labor income. Graph Sally's budget constraint. If Sally's market wage we..
The demand schedule for JK Rowling's book is Q=3000-100P. The cost of having the book typeset is $10,000 and then the cost of printing each copy is $4. How many copies should JK Rowling print?
Refer to the following table which gives the demand and cost data for a price-setting firm: What is the maximum amount of profit that this firm can earn? What is the profit-maximizing price?
Given the following total profit function: 1. Determine the level of output of each commodity at which the firm maximizes its total profit 2. Determine the value of total profit at the maximum output level
The FOMC wants to expand the money supply by $120 million and decides to buy bonds on the open market. Suppose the reserve requirement is 40% and banks do not hold any excess reserves. Which of the following is an alternative monetary policy that the..
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