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Problem
Use a commodity space to draw the indifference curves for the following utilityfunction: U(x1, x2) = x1x2. Indicate in which direction the utility is increasing across the indifference curves.
What's the marginal rate of substitution (MRS) at bundle (1,4)? What is the MRS at bundle (4, 1)? Give an example of a bundle where the MRS is -1.
Suppose the price of labor is w=36 and price of capital is r=64. Graph the isoquant associated with 12 units of output, and on the same graph, graph the isocost line associate with producing 12 units of output when the firm minimizes the cost of p..
Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an e..
The typical elephant has an expected life span of 60 years. How would its analysis of rent control differ from Frudos? Illustrate with a complete graph.
utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers employed at the market wage.
Many countries experiencing high and rising inflation, or even hyperinflation, will adopt a fixed exchange rate regime. Discuss the potential costs and benefits of a fixed exchange rate regime in this case. Comment on fiscal discipline, seigniorag..
The city would borrow money to finance the project, and the daily payment required to pay off the loan over 20 years would be $8,100. How does the benefit to consumers compare to the cost of the project?
In addition, they asked participants in the first group to indicate the degree to which they used textbook pictures in general as study aids. How would you analyze the data on recognition and the data on reported use of pictures?
What do you know about these cultures-specifically their economic, political, educational, and social systems-that could help you in getting them together?
The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each.
What do the Part b results tell Brandon's managers about the surgery center's operations for the quarter?
Assume that the supply curve for popcorn is determined by the following: Qs=12Pp. Assume further that today's price of nachos is $6 per serving and of candy is $4 per bag. Determine the equilibrium quantity exchanged and price of popcorn.
What is meant by immiserizing growth? Which type of growth will most likely lead to an increase in the nation's welfare?
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