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Suppose a utility function is of the general formU (x,y) where x and y are two goods consumed.
A) Consider an indifference curve for imperfect substitutes. Bundle "a" is on the relatively steep portion of the indifference curve while bundle "b" is on the relatively flat portion of the indifference curve. In terms of willingness to substitute between x and y, what is the difference between the two bundles?
In terms of the law of contract can they sue Mr Patel for the cost of R17 000.00 that they are now required to pay to rectify the errors. Assume that the electrical compliance boards report is correct. Do you think Mr Patel has any defence to the cla..
A monopolist faces two separate demand curves in two separate markets: P1 = 72 - 3Ql and P2 = 90 - 2Q2. The total cost curve is TC = 6 + 6Q. Find the price elasticities at the two profit maximizing points.
Those who desire that policymakers stabilize the economy would advocate which of the following when aggregate demand is insufficient to ensure full employment?
One year ago a machine was purchased at a cost of $2,000, to be useful for five (5) years. However the machine failed to perform properly and has cost $200 per month for repairs, adjustments, and shut-downs. A new machine designed to perform the func..
The market marginal value curve for water (measured in thousands of gallons) is MB=220-.5Q, where MB is the marginal value of water, and Q is thousands of gallons of water each period. The marginal cost of providing the water (including treatment, pu..
If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have. The long-run average-cost curve
Imagine that you have a $1,000 CD earning 5% interest (i = .05) indefinitely. a. What is the future value of this CD in 10 years? b. The CD earns $50 interest each year on the $1,000 principal, yet in ten years it will have earned more than $500 inte..
Which of the following helps explain why the aggregate quantity demanded of goods and services is inversely related to prices within the framework of the AD/AS model?
When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
Fiscal policy is in the news all the time. When the President talks about spending tax money to address the needs of our country he is really talking about fiscal policy. Many states are behind in their payments to nursing homes like the one pictured..
If country desires to smooth consumption, explain how much it should borrow in period 0. Illustrate what will level of consumption and trade balance is from then on.
Describe the ways in which election ballots have changed over time, and why this benefits and matters to the modern voter. How, in both local/state and national elections does an individual vote contribute to the election of a candidate
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