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John receives utility from consuming X and Y as given by the utility function U(X,Y) = XY. The price of X is $9, and the price of Y is $12.
a. What is John's MRS (marginal rate of substitution)?.
b. What is the optimal mix (ratio) between X and Y in John's market basket?
c. John is currently consuming 15 X and 10 Y per time period. Is he consuming an optimal mix of X and Y? Explain
Year Units of Output Price Per Unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 1. Refer to the above data. If year 3 is chosen as the base year, what is the price index for year 2. Refer to the above data. What is the nominal GDP for year 4
ASSUME THAT THE CONSUMPTION SCHEDULE FOR A PRIVATE OPEN ECONOMY IS SUCH THAT CONSUMPTION C = 50 + 0.8Y. ASSUME FURTHER THAT PLANNED INVESTMENT Ig AND NET EXPROTS Xn ARE INDEPENDENT OF THE LEVEL OF REAL GDP AND CONSTANT AT Ig = 30 AND Xn = 10.
Let X be the number of minutes it takes to drain a soda filler of a particular flavor in order to change over to a new flavor. The probability density function for X is: f(x)=X/15, x= 1,2,3,4,5 a) What is the probability that it will take exactly t..
Potatoes cost Janice $1.10 per pound, and she has $6.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14 the third pound is worth $1.05, and all ..
Firm XYZ measured its MP of labor curve. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits.
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
Consider the density Fx(x)= exp{-x} if x>_0, and 0 otherwise; Find: f(y) if Y = 2X+1, Find f(y) if Y = X^2, Find f(y) if Y = X, Find f(y) if Y = lnX
A firm has $500,000 per year to pay for replacing machinery over the next 10 years. What is the expected cost in Year 1 if the firm has projected that the machinery cost will increase by $15,000 per year The interest rate is 10% per year.
now suppose the firm is able to charge an entry fee, as well as a price for every unit sold. What is the optimal entry fee, the price per unit, and the deadwight loss. Calculate them and show these on the graph below.
If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos falls Both the equilibrium price and quantity would increase. Both the equilibrium price and qua..
I have a time series set of data of workers in motor vehicle industry from 1972-2001 as well as average weekly hours of workers in motor vehicle industry
Consider a firm producing 12,500 units of a good where the price of capital is $5 per unit and the price of labor is $10 per unit. If the firm uses 10,000 units of capital and AVC is $5, what is ATC and how many units of labor does the firm use
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