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Problem: A Esteban likes both chocolate ice cream and lemon sorbet. His preferences correspond to the utility function U(C, S) = C1/3S2/3, where C stands for ounces of chocolate ice cream and S stands for ounces of lemon sorbet. Write a formula for Esteban's family of indifference curves. Plot some of those curves on a graph. Would Esteban rather have four ounces of chocolate ice cream and two ounces of lemon sorbet or two ounces of chocolate ice cream and four ounces of lemon sorbet?
Many people struggle with the differences among the types of Intellectual Property. Research each of the following four topics independently.
1. distinguish between the benefits-received and the ability-to-pay principles of taxation. which philosophy is more
Prices of tickets for seats on commercial passenger planes are typically in the hundreds of dollars, whereas trips can be made by automobile at much lower cost. Accident rates per person per trip in the airline industry are considerably lower than au..
Historical evidence for the U.S. economy indicates that recessions have occurred roughly once every six years since the 1960s and the unemployment rate usually decreases during a recession and increases shortly after the recession ends.
Economic history assures us that the health of the banking industry is directly related to the health of the economy. Moreover, recessions, when combined with.
What is the definition of opportunity cost? Give an example. Compare the difference between Change in Demand and Change in Quantity demanded.
What communication strategies do you feel would be most effective in conveying your findings and recommendations to your stakeholders?
Suppose that a biotech firm makes di- agnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). If the firm has an extra worker and n..
Estimate the relationship between GPA and ACT using OLS; that is, obtain the intercept and slope estimates in the equation - Compute the residuals for each observation and verify that the residuals (approximately) sum to zero.
Consider a two-good (X and Y) model. How does a quantity tax (i.e. per unit tax) on good X affect the budget line of a consumer?
A firm with market power charges a price that is than the price charged by a perfectly competitive firm. A potential advantage of this to customers is that lower, it allows the firm to increase its production.
The government is debating whether to spend $100 billion to reduce global warming damage 100 years from now on. It is estimated that $ 800 billion of damage will be averted. A critic of the expenditure says that it would be far better to take the ..
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