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Adam and Eve are consumers in a 2-consumer, 2-good exchange economy. The price of X is PX, and the price of Y is $1. Each one has an initial endowment of (X=6, Y=6); therefore, each one has a "budget line" of X•PX + Y = 6•PX + 6. • Adam’s utility function is U = XY. The expression for Adam’s marginal rate of substitution (i.e., ∂U/∂X ÷ ∂U/∂Y) is Y/X, which at his initial endowment of (6, 6) has the value of 1. Adam’s demand for X as a function of the price of X is X = 3 + 3/PX.
(i) If Eve’s utility function is X2Y, find: (i) the expression for Eve’s marginal rate of substitution; (ii) the value of Eve’s marginal rate of substitution at her initial endowment; and (iii) Eve’s demand for X as a function of the price of X. (ii) What is the price of X in equilibrium?
Since no one party owns a not-for-profit hospital, physicians really own the hospital’s business. Consumer cooperatives have a long and successful history in development of the HMO. For-profit firms make up the bulk of hospital organizations.
Illustrate what is Michelle's opportunity cost of producing potatoes. What is Michelle's opportunity cost of producing chickens.
Suppose Charlie Brown opens A lemonade stand. He hires Linus and Lucy for $12 a week ($6 each).He "renls" pitchers and spoons from his mother for $5 a week and spends $20 a week on paper cups, lemons, sugar, and other materials. Before he opened the ..
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Your pharmacy provides services to Medicare and PPO patients. You estimate a price elasticity of demand of -2.2 for Medicare patients and -5.3 for PPO patients. What is the profit-maximizing dispensing fee for Medicare and PPO patients? Why might the..
it can sell its output for $25 each. Illustrate what is break-Explain how your work both graphically and algebraically.
Mrs. Siegal has two alternative activities to help relieve her backache. In the first, she can visit a physiotherapist. The total time for a physiotherapist visit, including travel and waiting, is two hours. Mrs. Siegal earns a wage of $20 an hour. ..
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q1. assume that survey measures of consumer confidence indicate a wave of pessimism is sweeping the country. if
Background info for question below: "For all problems consider a market containing four identical firms, each of which makes an identical product. The inverse demand for this product is P = 100?Q, where P is price and Q is aggregate output. For all ..
A labor economist wants to know the relationship between education (measured by years of schooling) and annual earnings (measured in $1000). A random sample of 222 workers revealed a correction coefficient of 0.88. Based on the coefficient, Among the..
Which of the following cannot explain the change in female labor force participation rates over the past 75 years? Unemployment compensation programs provide a lower income than workers received while they were employed because full replacement of lo..
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