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Suppose that U = min{2X, 0.5Y}, where X is units of good X and Y is units of good Y. The price of good X is $1 and the price of good Y is $2. What is the minimum expenditure necessary to achieve a utility level of 100? The consumer's budget constraint is $6 = 0.50G + P, where G is packs of gum and P is bags of pretzels. If the consumer's utility function is U = G^0.5*P, what is the utility-maximizing bundle of gum and pretzels? (Note: The marginal utility of pretzels MUP = G^0.5 and the marginal utility of gum MUG = 0.5G^-0.5*P.) Nancy's ratio of marginal utilities for coffee and lipstick is 3/1, while the price ratio of coffee to lipstick is 1.5/1. Which of the following statements is TRUE? I. Coffee provides Nancy with 3 times the utility of lipstick. II. Nancy could increase utility by decreasing her consumption of coffee by 3 units and increasing her consumption of lipstick by 1.5 units. III. Nancy could increase utility by decreasing her consumption of lipstick by 3 units and increasing her consumption of coffee by 2 units. IV. Nancy could increase utility by decreasing her consumption of coffee by 1 unit and increasing her consumption of lipstick by 3 units.
consider the utility function ux y -8x -8y. find and expression for the marginal rate of substitution mrsxy at any
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how do you explain the fact that in some countries there is widespread political support for government policies that expropriate resources from some groups for the purpose of handing them out to other groups
Implement to support a stronger economic recovery
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Although GDP per capita is the most commonly used measure of a country's success, many economists believe it does not give an accurate measure of a nation's economic well-being. Some studies have concluded that GDP is not the best measure
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Involving the e-Activity's testimony regarding the FBI's efforts to investigate IP theft, identify two best practices owners / executives can implement to protect against possible IP theft.
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
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