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1. Suppose that the marginal utility of good X and good Y is given by the following equations:
MUX = 1/(X + 10) MUY = 1/Y
a) As more units of good X are consumed, what happens to utility and marginal utility of good X?
What is MRSXY?
Suppose that pilots’ union at a certain airline faces an own-wage elasticity of demand for labor of -0.15, and that the mechanics’ union at the same airline faces an own-wage elasticity of demand of -1.80. Suppose that the leaders of both unions push..
What do economists mean by the demand for money? What is the advantage of holding money? What is the disadvantage of holding money?
Identify several ways in which you currently use accounting information in your life as a student. Also identify several situations in which, while you are still a student, you might be required to supply financial information about yourself to other..
Assume quantity theory of money holds with constant K and Kf. Suppose Mexico wants to stabilize the exchange rate of its currency with US dollar (dollars/peso). If Mexico has a real GDP growth rate of 6%, what is the money supply policy Mexico should..
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When people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a _____________________ .
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Suppose a tax of $.10 per unit on a good creates a deadweight loss of $100. If the tax is increased to $0.30 per unit, the deadweight loss from the new tax would be:
Evaluate the following statements: "A warmer than usual winter produced an abundance of oranges in Florida. This is an increase in supply which will reduce prices. The reduced prices will lead to an increase in demand which will push prices back up. ..
Which of the following statements is generally True about information products?
Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A backstory for these preferences might be that he cares about total cal..
A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual inter..
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