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Mona's preferences for food, F, and clothing, C, are derived by a utility function U(F,C)=FC. Food costs $1 a unit and clothing costs $2 a unit. Mona has $12 to spend on food and clothing. . a. Write the equation for Mona's budget line. If food is on the vertical axis, what is the slope of the budget line? b. Graph Mona's budget line. Place food on the vertical axis and clothing on the horizontal axis. c. On the same graph, draw a typical indifference curves that is the utility maximizing indifference curve. d. Mona is a utility maximizer, write the objective function. Coffee Doughnuts Econ 3070 Prof. Barham 2 e Write down the full optimization problem with the objective function and the constraint. f. Using calculus and algebra, find the basket of food and clothing that maximizes Mona's utility (i.e. solve the maximization problem you wrote down in e) (Assume Mona can purchase fractional amounts of both goods
The utility function U = (X^3)Y. When X (on the horizontal axis) =16 units and Y (on the vertical axis) = 48 units, the marginal rate of substitution of the indifference curve passing through this point is?
For your Spring Break destination you have chosen Cancun. The marginal benefit (MB) and the marginal cost (MC) of vacationing
Please explain your reasoning using economic data that our economy is experiencing from the Bureau of labor and Statistics.
Suppose that the required reserve ratio is 6.25%. If the Fed sells $350 million of bonds to the First National Bank. What happens to reserves and the monetary base? What will happen to the money supply? Show the changes in First National Bank's balan..
Suppose a firm has the following production technology: one work is required to operate on one machine (capital). More than one worker on the same machine will have a zero MPL. One worker operating on two or more machines will also have a zero MPK. I..
Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. With no restrictions on the number of traps, and open access ..
How can large companies afford to lower the price of goods in a competitive market? A company’s ability to raise its price without losing its entire market is an example of market power. One of the most important of these is economies of scale. How d..
Siyan, thank you so much for this contribution about utilitarianism! Well stated! And, on the level of an entire population or country.
The approximate lower and upper bounds of the 95 percent confidence interval for the parameter are:
Explain the liquidity effect and the feedback effects (income effect, price-level effect, and inflation effect) from an expansionary monetary policy.
To make the advertisement worthwhile, how many of the original buyers must each persuade just one other just one other to buy the book?
Given the following data, compute your combined income tax rate (CTR) assuming you deduct allowable expenses on yourincometax forms
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