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Clara's utility function is U(X,Y) = (X + 2)(Y +1).
a) Write an equation for Clara's indifference curve that goes through the point (X,Y) = (2, 8).
b) Suppose that the price of each good is one and that Clara has an income of 11. Write an equation that describes her budget constraint.
c) Find an equation the describes Clara's MRS for any given commodity bundle (X,Y).
d) Use the equations in parts b) and c) to solve for Clara's optimal bundle.
Explain why an industry in a perfectly competitive marketplace would choose to remain in business, if its profit is zero at equilibrium.
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sometimes a bidder on a work contract may bid lower than what would maximize hisher profit from the contract and the
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If an individual is taxed at a 17 percent rate for each extra dollar earned, the reference is to the
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q.in a certain city where all parking is controlled by the city it is possible to provide parking facilities in the
what is the formula for that equation? Assume you have 5 uneven payments to make and you want to know what you will be paying at 10% per payment (year) on this uneven payment.
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