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Suppose a consumers preferences for goods x & y can be described by the utility function u(x,y)=[AX^R+BY^R]^(1/R), where A & B are positive numbers & R is a negative or positive number.
a. show that as R approaches 0 this utility function is associated with the same preferences as the Cobb Douglas utility function.
b. show that as R approaches -infinity we have the case of perfect complements.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
A borrower can obtain an 80 percent loan at a 4.25% rate with monthly payments amortized over 30 years. Alternatively, he could obtain a 90 percent loan at a 5.75% rate with the same loan term but one point is charged on the 90% loan. The borrower pl..
A paint firm has just announced that it will be building a new plant in a small town that is currently experiencing a high level of unemployment. The new plant will create 500 new jobs in the area and will occupy unused land at the edge of town.
According to the Huffington Post on September 19, 2012,“Demand for the new Apple Inc iphone 5 has been incredible,' AT&T Inc Chief Executive Randall Stephenson said on Wednesday." The increase in demand causes equilibrium price to _ and equilibrium q..
All of the following are characteristics of "property rights" EXCEPT that:
Explain how immigration and trade may worsen wage inequality, and how college education may mitigate against growing wage inequality.
The market for paper in a particular region in the United States is characterized by the following demand and supply curves: Calculate the output and price of paper if it is produced under competitive con- ditions and no attempt is made to monitor or..
Illustrate what happens to the demand for beer if the price of soda falls by 2%. What happens to the demand for beer if consumer income rises by 5%. Be specific.
q.for the questions below write an explanation of the short-run effect including the determinant of ad or as that is
Of course it is a generalization but we are trying to examine its relevance to management theory and practice. The best practice is to formulate your reply in a Word document and upload it here. A one page answer, more or less, should do it.
Illustrate what is the competitive advantage including low cost strategy, cost leadership also focus strategy of HSBC Holdings.
U.S. is currently suffering from underemployment and excessive current account deficit. What measures can U.S. take to move away from its present situation towards internal and external balance? Consider rules of Bretton Woods and policy tools.
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