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Please state which function of money is being used by each of the following activities. Please explain the reasoning behind each answer.
(a) Brenda uses her last $20 bill to buy lunch.
(b) Brenda buys a $1,000 Savings Bond.
(c) Brenda puts her house on the market and sets an asking price at $300,000.
(d) Brenda deposits $400 into her banking account.
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
For this assignment, you are to continue using the fortune 500 Verizon Wireless Company.
Consumers only consume Diet Coke and Potato Chips. Using indifference curves and budget constraints, graphically and intuitively explain what will happen to consumer’s optimal consumption bundle if there has been an increase in the price of Potato Ch..
What effect wills an increase in interest rates have on supply and/or demand of unskilled labour. Would wage rates increase or decrease.
Beth’s Lawn Mowing Service is a small business and operates in a perfectly competitive market. The costs function for Beth’s company is given by: total cost (TC) =0.1q2 + 10q + 50 and marginal cost (MC)=0.2q + 10, where q=the number of acres Beth cho..
Steve believes that Monica has a 25% chance of be Illustrate what is Steve's expected utility from buying.
If the population of Argentina was 26.5 million in 1960 and the average population growth rate is 0.6 percent per year, then Argentina's population would have been about ______ in 2000.
What does the economy look like when the economy is in an unemployment gap? What type of unemployment rate is it compared to the Natural Rate of unemployment? What about inflation?
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
A consumer has the utility function U(x,y) = xα yβ , where x$0 and y$0 represent her consumption of goods X and Y, and α>0 and β>0 are exogenous parameters. Calculate the consumer’s elasticities of demand for X and Y. These elasticities may be functi..
Find a Supreme Court case that deals with a constitutional issue (either pending or already decide d•Briefly describe the issue. Do you agree with the Court’s decision (or if it hasn’t been decided how do you think the case should be decided)? Why or..
Suppose output is growing at 3 percent per year and capital's and labor's shares of income are .3 and .7 respectively. If both labor and capital at 1 percent year what would the growth rate of total factor productivity have to be? What if both the la..
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