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Q1. Suppose that Ike is loss averse. In the morning, Ike's stockbroker calls to tell him that he has gained $1000 on his stock portfolio. In the evening, his accountant calls to tell him that he owes an extra $1000 in taxes. At the end of the day, does Ike feel emotionally neutral since the dollar value of the gain in his stock portfolio exactly offsets the amount of extra taxes he has to pay? Explain.
Q2. Consider the CES utility function U (x, y) = (√x + √y)21. Find the expression for the indifference curve and plot an indifference curve forU = 64.2. Using the Lagrangian method, find the optimal quantities of X and Y consumed, given Px, Py and I (income).3. Find whether good X and good Y are inferior or normal.4. Can you say whether X & Y are substitutes or complements? Explain.
q.suppose we have the following three projects up for vote a naval ship a hospital and a park. there are three
Compute the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic. Find the point at which point elasticity is equal to -1.
Assuming which the budget stays the same except for the interest on the debt for 10 yrs which will be accumulated debt
when would it make sense for a factory that is losing money to remain in operation?additional requirementsaif the
Describe three problems of decentralization that occurred under the Articles of Confederation. For each problem you list, identify one solution that the Constitution provides to address the problem.
Suppose that the price of the firm’s product is $20. What are the firm’s marginal and average revenue product functions? What is the firm’s short-run demand function for input Z.
Now suppose Alex's income increases to $1,500 per year. What is her new optimal consumption of x? What is her new optimal consumption of z?
q.1 what are the definitions of the following cost concepts fixed costs variable costs and total cost?2. give the
Compare the additional revenue Circuit City makes as it moves from 2 million to 4 million copies of Vista with the additional revenue it makes as it moves.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
You have opened your own word-processingservice. You bought a personal computer, and paid $5,000 for it.However, due to the cost changes in the computer industry, thecurrent price of an equivalent machine is $2,500.
Explain how much pollution reduction should Appalachian Coal Mining undertake.
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