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Suppose an individual’s utility is expressed as U=x^(1/2)y^(1/2)and their constraint is represented by the following: 2x+3y=B=100.
What level of x and y should the individual consume to maximize utility? What is utility at the optimal level of consumption?
What is the shadow price of relaxing the constraint 2x+3y 100 that is, having B=101 rather than B=100?
This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled person..
If we think about a model over time (dynamic), would depletion (production) from a non-renewable resource, we wouldn't have a traditional, static supply curve that is completely based on price. Would the classic demand curve still apply?
Illustrate what percentage of G1 can be mixed with G2 and still satisfy the customers. Elucidate the resulting paint cost per gallon.
question 1. pick a country and talk about the products they import and export with the u.s.a. also talk about the
in october 2008 canadian consumer self-confidence plunged to levels that last seen in the 1982 recession. as per some
Two goods are substitutes if an increase in the price of one good leads to an increase in demand for the other. Markets exist to facilitate exchange between people. The cost of a master's degree in engineering equals the tuition plus the cost of book..
Are monopolies and oligopolies always bad for society? Provide real world examples of where this may be the case to strengthen your position. Provide at least one example of a case where having a monopoly or oligopoly may actually benefit the society..
Impacts on currency markets and on economic conditions within the country and globally.
You have been asked to discuss the differences between the microeconomic definitions of supply and demand and the macroeconomic differences of aggregate supply and demand. Discuss what determines supply and demand and aggregate supply and aggregate d..
Assume the two newspapers merge. Illustrate what is the likely post-merger bargaining outcome.
If due to over-harvesting of coconuts they become more difficult to acquire, taking 2 hours to pick one coconut, Illustrate what combination will maximize utility.
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
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