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The weak preference relations of Bob and Carol can be represented by real valued utility functions u and v respectively on ? ≡ R2 +. In each of the following cases, indicate whether their weak preference relations are identical or not. Provide appropriate explanations for your answers. (i) u(x1, x2) = x1x2 for all (x1, x2) in ?; v(x1, x2)=(x1)3x2 for all (x1, x2) in ?. (ii) u(x1, x2) = (1 +x1)(1 +x2) for all (x1, x2) in ?; v(x1, x2) = ln(1 +x1) +ln(1 +x2) for all (x1, x2) in ?. (iii) u(x1, x2) = x1x2 for all (x1, x2) in ?; v(x1, x2)=1+ x1x2 + (x1)3(x2)3 for all (x1, x2) in ?.
This is not a goal of government programs To enforce private property rights ,To prohibit natural monopolies or else.
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
Use demand and supply analysis to assist you, determine the effects on the exchange rate in British pound and the Japanese yen from
1. How might freeing up dead capital have helped to increase Mongolia's rate of economic growth 2.What type of investment would foreign residents undertake if they were to purchase a small fraction of the shares of stocks owned by Mongolia's ..
Using demand and supply analysis, explain why this new process will not cause a surplus of crude oil. If no surplus is created, then what will be the impact of this process on the market for crude oil?
The extra flow of information through the Internet is likely to work to the benefit of buyers, pushing prices down. But in Web-based exchanges where there are only a few seller and many buyers
Discuss in general the appropriate metrics that one may require to track. Also explain how investing in IT with an eyes towards the replacement or automation of another project or issue or task may work.
which will cause a larger short run increase in prices; an anticipated or unanticipated increase in aggregate demand? will they cause the same increase in prices in the long run?
Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
Do firms earn accounting profit under perfect competition Do firms earn economic profit Viewing yourself as a firm, would you say that most of your career choices will be made in a competitive market Explain.
A change in real money supply can result either from a change in nominal money supply through Federal Reserve policy or from a change in the price level.
ZZZ, Inc. operates in a monopolistically competitive industry. Its demand curve can be written as P = 160 - Q and its short run total cost curve is equal to TC = 1000 + Q^2. What is the rate of output that maximizes ZZZ, Inc.'s short run profits
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