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Consider a consumer with the following Cobb-Douglass utility function:
U (x, y) = xαy1-α
a) Find the Marshallian Demand for both goods.
b) Find the Price Elasticity of Demand of good x, the Cross Price Elasticity, and the Income Elasticity of Demand.
c) Find the Hicksian Demand.
d) Find the Willingness to pay for a project that reduces the price of X by ½.
e) Using the Marshallian Demand, find the Increment in Consumer Surplus induced by last project.
f) Using the Hicksian Demand, find the increment in Consumer Surplus induced by last project.
Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at vary
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
diffence b/n fixed and variable input
1. What is a resource market? 2. Describe resource demand and resource supply. 3. Define derived demand. 4. Describe the resource market demand and supply curve. 5. Define a te
Explain about the integrability problem. The Integrability Problem: Provide a system of demand functions x(p, m). Is there essentially a utility function by which such deman
Assume that the market for lamb is perfectly competitive. Using an appropriate model (or models) illustrate and explain a. How a competitive market arrives at equilibrium
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
Carbon Tax: An environmental tax that is imposed on products that utilize carbon-based materials and thus contribute to greenhouse gas pollution (comprisinggas, oil, coal and other
Do not submit more than 1 file in the Canvas submission link. A few years ago peanut farmers in India experienced a super-bumper crop due to favorable weather conditions. Initially
#i need a project on this title
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