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Joe has preferences over pizza (p) and beer (b) given by U = pb. The marginal utilities are MUp = b and MUb = p, and Joe's income is I = 60.
1. Find Joe's optimal consumption bundle when pp = 3 and pb = 3.
2. Find the income and substitution effects (on both goods) of an increase in the price of pizza to pp = 6.
3. Find the compensating variation of the price increase.
The inhabitants of Fantasia live for two periods, 0 and 1. They consume a nonrenewable resource called Fantasium in each period. Fantasium has to be extracted from the ground and t
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When investment banks underwrite IPOs, they are typically sell stock for 5-10 percent more than they pay for it. When they underwrite stock for companies that are already public, t
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importance and limitation of principle of acceleration
In 1 to 2 sentences respond to the following comment. "Cleaning your own house is not counted in gross domestic product because it does not represent economic production."
Describe the differences between the substitution effect of a wage increase and the income effect of a wage increase.
objective of the study
Use the distinction between the charasteristics of private and public goods to determine whether the following should be produced through the market system or provided by the gover
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