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Classify each good as a final good or intermediate good. (briefly explain wach choice)
1. running shoes
2. cotton fibers
3. watches
4. textbooks
5. coal
6. sunscreen lotion
7. lumber
discuss mec
Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25. i) What degree of elasticity does Chipotle burritos exhibit? ii) A 1% change in
1. Kuhn - Tucker Conditions Max 2x + 3y s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 2. Max (8 + x)(8 + y) s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 Utility function 3. U(x, y)
Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?
For a single nonprofit provider, describe an output-maximizing model to predict supplier behavior.
Functions of Money During the course of history money has taken various forms. In fact, there is no difficulty in identifying money but the problem is defining money. Economis
THE MODEL BUILDING A model of individual or aggregate economic phenomena represents a simplification of real world economic complexities. It may be expressed in words, ta
Suppose the utility function is given by: u(x,y) = 3x+4y. What kind of goods are X and Y and what is the MRS?
Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. What is price elasticity of demand for movie tickets? Could price elasticity be somewhat over
factor for long run trend of term of trade
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