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Tom has the following utility function: U = X1 + X2
What kind of a utility function does this equation represent?, i.e. does it represent perfect substitutes, perfect complements, imperfect substitutes or something else?
What is Tom's Marginal Rate of Substitution (MRS) between X1 and X2? Your answer should be a specific number.
Does Tom's MRS change or stay constant as he consumes more of X2? Explain briefly
Following the recession, the rate of savings in the united states doubled. why do you think this is How do you think the increase in savings affected overall consumption? Since, on average, 70% economic activity in the United States
have an ethical obligation to support the needs of families? Consider issues families may encounter, such as doctor appointments, school conferences, and so on.
suppose that the aggregate demand curve in a particular year is given by the algebraic expressionnbsp y 3000 1000p
How might a company's internet presence improve information problems? Can a company's internet presence worsen information problems? Give an example of a company that has an internet presence.
List and explain the sources of expenditures in economy by focusing on the 4 major sectors of economy.
Suppose in 2015 the economy of Expo is described as follows: C = 20 + 0.8 Yd
If instead of the situation given in Problem, the price of manufacturing were to fall by 10%, would landowners or capital owners be better off?
Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship
1. nbspbriefly define the following termsa.nbspnbspnbsp net borrowerb.nbspnbspnbsp currency appreciationanswer the
Explain how would this affect the elasticity of demand for gasoline
Derive each consumer's lifetime budget constraint and state the consumer's problem? What are the conditions which define the consumer's optimal choice
If she apportions some resources to each then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pound of potatoes per yea..
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