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1. We make four assumptions about preferences: completeness and rankability, "more is better," transitivity, and consumers want variety. Briefly describe each assumption.
2. What does the term "utility" mean? How does utility relate to a utility function?
3. Define "indifference curve." What does an indifference curve tell us about the consumer?
What are the maximization problems faced by the agent and the principal in the extended model? Apply the Nash equilibrium concept to solve for the optimal contract and
How much would your final decision hinge on what you anticipated for the future, compared with what you knew to be the situation today?
Based on demographic information about the people living in the vicinity of the proposed park, you have estimated that 50,000 people will take an average of four hiking trips per year. For the average person
U(*) 5lnQ1 + 4lnQ2 +10 ln(1+Q3)The prices of the three goods are P1= 10, P2= 20, P3= 20000, and individuals total income is$60000. Automobiles must be bought in discrete units, that isQ3 must be equal to 0,1,2.
Bella can produce either a combination of 60 silk roses and 80 silk leaves or a combination of 70 silk roses and 55 silk leaves. If she now produces 60 silk rose 80 silk leaves, what is the opportunity cost of producing additional 10 silk roses
There is evidence of widespread voluntary unemployment. If people prefer leisure to working, should this be of any concern to government?
You can think of the United States as a set of 50 separate economies with no trade barriers. In such an open environment, each state specializes in the products that it produces best.
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2.
When the colts won the super bowl the demand for peyton manning's jersey was: P = 210 - 0.002Q with a corresponding marginal revenue of: MR = 210 - 0.0004Q IF the marginal cost of producing a jersey is $10, how much are the trademark licensing rig..
Calculate the overall rate of interest the couple will pay using this arrangement. If you answer using a percent, please include a minimum of two significant digits in your answer. If you answer using a decimal, please include a minimum of four ..
Identify the system partitioning used, the device concept, and key details that affect either the package design or the choice of device fabrication technology.
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