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Suppose a consumer's utility function is given by: U(x1, x2 ) = x1 0.4*x2 0.6
a) What is the consumer's demand for x1 as a function of income and prices? What is the consumer's demand for x2 as a function of income and prices? Use Lagrangian method or your intuition
b) What percentage of income does the consumer spend on x1? What percentage of income does the consumer spend on x2?
Consider the following data for a Foggyland economy: Y = $15 trillion C = $7 trillion G = $3 trillion Spublic = $ - 0.5 trillion T = $4 trillion
A perpetuity pays $170 per year and interest rates are 6.7 percent. How much would its value change if interest rates increased to 9.2 percent?
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q. firms a and b compete as cournot duopolists in the cola market. the demand and marginal revenue are given by p 200
Use the concept of the hydrologic cycle to explain how contamination of surface waters can also cause degradation of groundwater.
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