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Dennis is only interested in two things, eating food and playing the online multiplayer game Globe of Gratuitous Violence (GoGV) – a close competitor to world of war craft. Dennis’s utility is given by the function € U(q f , qg ) = 0.25ln(qf ) + 0.75ln(qg ) where qf is the quantity of food and qg is the hours of GoGV play. The price of a meal of food is $10, the hourly fee for GoGV is $2.50, and Dennis’s income is $1,000/month. a.) Write the general expression for Dennis’s marginal utility with respect to food and GoGV play. b.) What is the Marginal Rate of Substitution (MRS) between food and GoGV play? (e.g. the rate at which Dennis willing to exchange a meal for another hour of GoGV play, ?qF/?qG?) c.) Assume Dennis has a budget of $1,000/month. Draw Dennis’s monthly budget line, with food on the vertical (y axis) and GoGV on the horizontal axis.
Find the three stages of production. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?
q.assume that two firms compete in quantities cournot in a market in which demand is described by p 260 - 2q. every
If Inputs A and B are respectively 20% and 40% of the cost of producing this product, what is the effective rate of protection on the product?
Semi-Salt Industries began its operation in 1975 also remains the only industry in the world which produces also sells commercial-grade poly glutamate.
Explain how would you expect each of the following events to affect the amount they save each month.
q1. walker inc. is trying to determine its price debt. firm has a debt issue outstanding with 15 years to maturity that
Elucidate why your answer to part (a) is an example of marginal analysis also optimizing behavior in general.
If this were he case would there be any automatic stabilizers in the government economy. Elucidate what would there be any distinction between the full-employment deficit and actual budget deficit.
The single most important health policy choice in the United States over the past four decades has noting. What evidence can you cite to support your position?
q.the manager of the aerospace division of general aeronautics has estimated the price it can charge for providing
q.for each of the following values for the mpc determine the size of the simple spending multiplier and the total
Critically evaluate measures used by governments and central banks to manage the economies of their countries.
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