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Ken Erdedy owns 14 units of marijuana. He both consumes it and sells it; and the latter activity is his only source of income. His utility function is U(x,y) = x^4 * y^1, where x denotes the units of marijuana he consumes and y denotes the composite good, i.e. the dollars he spends on everything else. The market price of the marijuana changed recently from 15 to 19. What is the wealth effect of this price change (using Hicksian decomposition) on marijuana?
1. "Competition in quality and in service may be just as effective as price competition in giving buyers more for their money." Do you agree? Why? 2.Explain why monopolistically competitive firms frequently prefer nonprice to price competition.
Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill.
Compare and contrast between leading and trailing metrics. Provide examples and explain those that you believe are most useful to the organization and why?
How might advertising reduce economic well-being? How might advertising increase economic well-being? What is the prisoners' dilemma, and what does it have to do with oligopoly?
For a nominal interest rate of 24% per year compounded quarterly, following: What is the nominal interest rate per 18 months?
you are the owner of a small bread factory and are thinking of lowering costs and expanding. your small-business
explain how an employee can be intrinsically motivated extrinsically motivated or both depending on the factors in his
Participation in the labor force is a personal decision that can be illustrated using indifference curves and budget constraints.
How much producer surplus when there is no price floor? Show your calculations. What is the total surplus when there is no price floor? Show your calculations.
Does the increase in the current price increase or decrease the asset’s average expected rate of return? At what price would the asset have a zero average expected rate of return?
Which combination of inputs should the firm use? Suppose that a worker's weekly salary is $225. Which input combination should the firm then use?
(Requires calculus) In the model of a dominant firm, assume that the fringe supply curve is given by Q = -1 + 0.2P, where P is market price and Q is output.
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