Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
a consummer has a revenue of I dollars. the prices of x and y are Px and Py. the utility function of the consummer is U(x,y)= x^(1/2)y^(1/2).
a) Py =4 and I =100. find the demand curve (of Marshall) and draw it. What is the elasticity demand when Px =5
b)Py =4 and Uo is the maximal level utility when Px =5, Py =4 and I =100. find the the compensated demand curve (or of Hicks) and draw it on the same graph. for what value of Px the two curves will cut? what is the elasticity of compensated demand when Px =5?
c) Px =5 and Py =4. find the Engle curve and draw it. What is the elasticity of x in function with I when I = 100?
d) Py =4 and I =100. Suppose Px falls from 5 to 2. what is the change in the demand quantity of x? Decompose this change in substitution effects and revenue. what is the change in the consummer surplus?
e) find the derivative x and Px as function of Px, Py, I and decompose it in substitution effects and revenue effects.
Use Human Capital theory and describe the relationship between skill and unemployment. Naturally, economists and the public at big usually think of skill level having having an inverse relationship with unemployment.
Compute the formula for Bob's indi erence curves by setting U(C, P) = k for some constant, k, and solving for P as a function of C and explain what this term means economically, and what it tells us about Bob's preferences, and about his willingnes..
Provide a brief critique of the CEO's use of your analysis to arrive at her decision to keep the tuition reimbursement program. Assume that she has no additional information on the relationship between employee happiness and participation in the t..
Describe why a change in a firm's total fixed cost of production will shift its average total cost curve, but not its marginal cost curve.
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
Using the results obtained above, derive a table for the long run costs of the various levels of production of sweaters (10, 20, 30, 40). The table should show: quantity, total cost, average cost and marginal cost.
Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product and explain how the necessity of a good and the availability of substitutes impact the price elasticity of the prod..
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service's rescue teams to locate those lost or in trouble in the wilderness.
Describe the welfare costs of a monopoly and discuss the regulator organizations that monitor anti-trust in America. Name these organizations and their functions.
Output maximisation and cost minimisation
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd