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An individual purchases quantities a, b, and c of three different commodities whose prices are p, q, and r, respectively. The consumer spends m dollars, where m > 2p, and the utility function is given by
U(a,b,c)= a+ln(bc)
Show that the optimal expenditure on the second and third good is equal to p (that is, show that when utility is maximized, the expenditure on each of the second and the third good is equal to p).
Find a, b, and c when utility is maximized (you may assume Lagrange multipliers corresponds to the maximum solution).
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
A highway department is considering building a temporary bridge to cut travel time during the three years it will take to build a permanent bridge. The temporary bridge can be put up in a few weeks at a cost of $740,000. Calculate the present value o..
If it cost Wardco $10million to treat the water and the value of mined products to customers is $8million, requiring water treatment would kill the project. Should Wardco be required to treat the water in this case?
q. speedy growth of the nationwide debt alarmed various politicians as well as created pressure for restricting
To pay for college you took out 1000 gov loan that makes you pay $126 per year for 25 years. However, you don’t make payments till graduation which is two years from now. Why is the YTM necessarily less than 12% (this is the yield to maturity on a no..
Develop a researchable topic and prepare a research proposal using the layout outlined given.
q1. explain how meeting-competition clauses may serve as an enforcement mechanism for price-fixing agreements of
Is SPC employing labour and domes in an optimal ratio, assuming that substitution of resources is possible. Elucidate. Conclude marginal income products for exterminators and for domes/pumps employed by SPC.
Miley Cyrus, under the conditions of a court order, is required to enroll Summer session at Kardashian College. She is granted $50 a week to spend: either on energy drinks at $2.50 each or on gasoline for her Bentley at $4.00 per gallon. In part a), ..
Either an increase in demand with the supply curve held constant or a decrease in supply with the demand curve held constant will raise a market's equilibrium price.
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. We can see that it is linear in good 2 but n..
q. write a 3-page minimum 750 words response to the following problem. mirk labs is a pharmaceutical company that
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