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Bill and Ted both like goods X and Y, but their preferences for these goods are not the same. Bill's preferences can be represented by the utility function equation U(x,y)=x^2y Ted's preferences, by contrast, are represented by the utility function equation U(x,y)=xy^3 Bill and Ted have the endowments: Bill (6,13) Ted (44,12) Starting from this allocation, the Lord High Social Planning Dictator has decreed that Bill and Ted must trade with one another to attain the new allocation: Bill (35,7) Ted (15,18) What are the optimal amounts of X and Y consumed by Bill and Ted when each maximizes his utility subject to the value of his endowment and the relative price of X (Px /PY =p) Options: a) Bill's optimal quantity of X < 30; Bill's optimal quantity of Y > 10 Ted's optimal quantity of X > 20, Ted's optimal quantity of Y > 10 b)Bill's optimal quantity of X > 30; Bill's optimal quantity of Y < 10 Ted's optimal quantity of X > 20, Ted's optimal quantity of Y > 10 c) Bill's optimal quantity of X < 30; Bill's optimal quantity of Y > 10 Ted's optimal quantity of X > 20, Ted's optimal quantity of Y < 10 d) Bill's optimal quantity of X > 30, Bill's optimal quantity of Y > 10; Ted's optimal quantity of X > 20, Ted's optimal quantity of Y > 10 e)Bill's optimal quantity of X < 30; Bill's optimal quantity of Y < 10 Ted's optimal quantity of X > 20, Ted's optimal quantity of Y > 10 And is the relative price an equilibrium price?
stuck on these an open economys GDP is always given by. 1.Y=C+I+G+T 2.Y=C+1+G+S 3.Y=C+I+G 4.Y=C+I+G+NX other things the same, an increase in the U.S interest rate causes the quanity of loanable funds supplied to 1. rise bc net ccapital outflow and do..
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
A market has the following characteristics: there are many firms, few barriers to entry, each firm acts independently with differentiated products, and no possible long-run economic profit. The difference between a perfectly competitive firm and a ..
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
Compare and Contrast an import quota and a tariff-rate quota (TRQ) in terms of how each one will impact exports, imports, prices, production, consumption and world trade using a THREE PANEL DIAGRAM.
1. define the leontief paradox and discuss how raymond vernons product cycle theory might help explain this paradox.2.
For this week, we are continuing our discussion on GDP and economic growth. We will realize that most of government spending goes towards welfare such as social security. However, it is a common belief that social security benefits
A, B, and C decide to act illegally as a cartel, to divide the market equally among the three of them, and to set the price and output that will maximize their total profits. What price and output do they set? What is the output level that each..
A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking price to $5.00 and parked 850 cars.
According to the articles, why did prices rise sharply over the past 5 years? Answer in terms of a supply-demand analysis, saying what specifically has happened to supply and demand and how this has increased prices.
Sally is planning opening her own new beauty salon. She anticipates the following expenses per year, Furniture: $20,000 Additionally, Sally is withdrawing $34,000
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