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Question: A consumer has utility U(X,Y) = X1/3 Y1/2 and budget constraint PxX + PyY = I .
(a) Obtain the Marshallian demand functions for goods X and Y.
(b) Compute the indirect utility function and the expenditure function for this case.
(c) Use the expenditure function calculated in part (b) together with Shephard's lemma to compute the compensated demand function for good X.
(d) Describe how the compensated demand curve for X is shifted by changes in income or by changes in the price of the other good.
(e) Use the results from part (c) together with the uncompensated demand function for good X to show that the Slutsky equation holds for this case.
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theme the eu and turkey scenarios to 2050 general guidelinesa. the eu and turkey can be seen in their long-term
If I spent all my money ($450,000) on a new house I could buy a house with 4500 square feet. I settle for a 1500 square foot house. (Each square foot costs the same.) The day after I close the deal a nearby nuclear power plant is condemned and the va..
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At what output is the average variable cost (AVC) at a minimum and if the market price of the firm's output is $7.5 per unit, should the firm produce or shut down?
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Assume no inventories are desired at the end of March, and there are no beginning inventories in January. Solve this exercise using DP to minimize total purchase plus storage costs.
From the scenario for Katrina's Candies, determine the relevant costs for the expansion decision, and distinguish between the short run and the long run costs.
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