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A consumer's utility is given by U(X,Y)=X^0.25*Y^0.75. (To be clear, ^ denotes exponentiation, so the utility function is X to the 0.25 power multiplied by Y to the 0.75 power.) Given this utility function, MUx=0.25X^(-0.75)*Y^0.75, and MUy=0.75X^0.25*Y^(-0.25). (You might recognize this is a Cobb-Douglas utility function as discussed in our Lecture 3 handout with A=1, alpha=0.25 and beta=0.75.) The consumer's income is $80, Px=$4 and Py=$1. What is the number of units of good X in the consumer's utility-maximizing bundle of goods?
Consider a game of the “Jack and Jill” type in which a market is a duopoly and each firm decides to produce either a “high” quantity of output or a “low” quantity of output. If the two firms successfully reach and maintain the cooperative outcome of ..
How has the emergence of different types of health insurance plans—FFS, health maintenance organizations (HMOs), preferred provider organizations (PPOs), and capitation—affected the trends in healthcare services today?
Scarcity is the main reason we are studying economics. Scarcity exists when human wants exceed available resources. Write a four paragraph post that explains the difference between a want and a need? Please give five examples for each of these two co..
If domestic investment in an economy is smaller tha the economy's private domestic savings
Consider the invention and adoption of the mechanical tomato harvester on the farm labor market. Illustrate the expected impact of the invention of the mechanical tomato harvester on the farm labor equilibrium when farmers believed that the end of th..
Illustrate what specific factors might have accounted for this event.
Assume Elinor works in period 1 and earns an income of 100. She is retired in period 2 and lives off her savings. She can save this period 1 income or spend it on consumption. How much will Elinor have to live on in period two if she spends NOTHING i..
Scholars have argued that Confucian ideology limited economic growth, while more recently, this same ideology has been used to explain the rapid economic growth of the region. Think about these two contrasting arguments. How can they be reconciled? W..
Suppose you are now 66 and can apply to receive Social Security Retirement Benefit starting this year. You would get (inflation adjusted amount of) $10000/year if you apply this year. Alternatively, you could delay applying for SS benefits until 70 w..
Compare also contrast McDonald's strategies in China with those of Wal-Mart in Mexico.
In the short-run, a firm can experience increasing, decreasing, or constant returns to scale. Decreasing returns to scale are often due to coordination and communication problems that create operating inefficiencies.
Prove that the firm has decreasing returns to scale. Theresa received an order for 5000 units. Find the optimal K/L ratio, as a function of w/r. Next, assuming w = $20 and r = .10, solve for Ki*, Li*, and qi*. Then draw a graph, showing the isoquant ..
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