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As a practice for working with two constraints, find x and y that solve the following problem: Max x*y s.t. 2x+2y<=100 and 2x+y<=60 Where <=is "less than or equal to." (A simple story for this math problem is: suppose you want to fence in a rectangular portion of your yard with as much square footage as possible. You have 100 feet of chain link fence---hence the first constraint. Moreover, you have 60 posts, but need to use twice as many in the x direction as in the y direction--- perhaps the x direction is sloped) The optimal x is? The optimal y is?
Patrick chooses to use his time ‘free-time’: (a) working out or (b) reading. Patrick currently has 20 hours a week to allocate to these two activities. It takes Patrick 1.5 hour to work out and .5 hours to read. Draw Patrick's budget constraint and o..
What is the nature of the relationship between banking and money? Please explain the concepts of risk return on an investment. What is present value and why is it important and useful? Please explain.
Which of the following is not true if a firm shuts down and produces zero output in the short run: A. Variable cost will be zero B. Losses will be incurred C. Fixed costs will be greater than zero D. Fixed cost will be less than zero.
he or she rents 63 movies per year at the same price per movie. What is the implied income elasticity of demand for movies? Are movies a normal good or an inferior good?
Research the following types of organizations "Nonprofit, For-profit, Political and Government and International", identify key concerns for each and provide at least 1 example of each type of organization: What are some issues that concern Nonprofit..
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would ..
The following questions refer to a capital budgeting problem with five projects represented by binary variables a, b, c, d, and e. a. Write a constraint modeling a situation in which two of the projects 1, 3, and 5 must be undertaken. b. Write a cons..
There are 2 fishermen, Zach and Jacob, who fish along a certain coast. Both would benefit if lighthouses were built along the coast where they fish. The marginal cost of building each additional lighthouse is $25.
In the United States, the Federal Reserve frequently engages in buying and selling of the government securities as well as other policies. In recent years, the Fed has reduced the Discount Rate several times. The Fed has also purchased substantial am..
Suppose the demand and supply of chickens is given by: Graph the demand and supply curves and determine the equilibrium price and quantity. Suppose a quota of 4000 turkeys is imposed. What will be the new equilibrium price? Show the loss to consumers..
He wishes to accumulate $30,000 in a savings account in 5 years. If he wishes to make a single deposit today and the bank pays 0.2% compounded annually on deposits of this size, how much should he deposit in the account
Suppose tariffs of $2 were imposed. Calculate the effect on producer surplus, consumer surplus, government revenue and the deadweight loss.
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