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Bridgit's utility function is U(x1, x2)= x1 + ln x2 x1 - stamps x2 - beer Bridgit's budget p1 x1 + p2 x2 = m
p1 - price of stamps
p2 - price of beer
m - Bridgit's budget
a) What is Bridgit's demand for beer and stamps?
b) Is it true that Bridgit would spend every dollar in additional income on stamps?
c) What happens to demand when Bridgit's income changes (i.e. find the income elasticity)? d) What happens to demand when p1 and p2 increase (i.e. find the price elasticities)?
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1. you manage a movie theatre and you hire a statistical consultant to estimate the demand for movie tickets. using
Identify the components of the growth accounting formula. Discuss the weights of each of these components and the different effect that each weight has on output and each other.ECON 352 – Intermediate Macroeconomics
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you have been hired as a consultant by your local mayor to look at the various market structures. your role is to
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