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The utility function of a consumer is u(x, y) = x0.5 + y0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of the utility function). What is the price elasticity of demand of good y(i.e., what is ey,py ). What is the income elasticity of demand of good y(i.e., what is ey,I ). What is the cross-price elasticity of demand of good y(i.e., what is ey,px).
Assume the demand function for scooters is given by QD = 20,000 – 10P + 0.2I, where P = price of a scooter, and I = average income of consumers. Also, assume the supply function of scooters is given by QS = 20 P. If the market for scooters is perfect..
The setup cost is $100 per order up to 99. For orders of less than a pallet, the setup cost is $200. The setup cost for pallet loads is $1000. The holding cost is 1% of the purchasing cost per item per week.
you relate concepts in this week's readings to a prior real world experience. Experience does not necessarily have to be work experience. Examine market equilibrating process in relation to your experience.
q1. mexico does not have an absolute advantage in producing sugar over all of the other sugar producing countries. does
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”? What were the main tenets of bullionism/mercantilism? What policies and events combined to bring an end to the Spanish hegemony?
Illustrate what changes in the Ants' resources do we see through the film. Are the Grasshoppers commercial talent and they are just annoying.
The inverse demand for this product is P = 100?Q, where P is price and Q is aggregate output. The production costs for firms 1, 2, and 3 are identical and given by C(qi)= 20qi (i= 1,2,3), where qi is the output of firm i.
illstrate the effect of capital formation by comparing the prodution pissibility curves, at the present time and ten years in the future,for tow economies, one with the high and the other with the olw rate of capital formation.
Perform a statistical analysis of its short-run production costs to estimate its total variable cost function.
Should Banks Make Money on Money? Can the banks make easy profits because the money multiplies? How? Is it fair and efficient? Is the basic structure of banking stable and fair? Could it be different?
Would the worker be better or if, instead of the health insurance, she was given a £100 per week pay increase which would be taxed at 20%.
What happens in a perfectly competitive industry when economic profit is greater than zero?
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