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Assume that a person's utility over two goods is given by U (x1, x2) = x1 + ln x2 The price of good x1 is equal to p1 and the price of good x2 is p2. The total income of the individual is given by I. a) Write down the budget constraint of this person. b) Determine the demand functions for x1 and x2. When will the person only demand x1 or x2? c) Is good x1 a normal or an inferior good? What about good x2? Explain your results. d) Calculate the own-price elasticities of demand for x1 and x2. e) Calculate the cross-price elasticities of demand for both goods.
a firm in a purely competitive industry is currently producing 100 units per day at a total cost of 450. if the firm
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Microsoft's Window 8 software product is considered the standard operating software worldwide for pc's. Thus, Microsoft can be thought as a type of: (a). Duopoly (b) monopoly (c) utility (d) free good.
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Discuss the implication to Economic Efficiency of an economy operating at point and what would it take for the economy to operate at point Z?
select any franchising opportunity available to buyers in south africa. provide a synopsis of the opportunities and
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