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Suppose that midterm grades determine your nal course grade putting the Midterm 1 grade on the horizontal axis and the Midterm 2 grade on the vertical axis, draw indifference curves describing your preferences in the following scenarios. In addition, write down a utility function that is consistent with the preferences in each case. (a) Each midterm is worth 50% of your nal grade. (b) Midterm 1 is worth 25% and Midterm 2 is worth 75% of your nal grade. (c) The lower of your two midterms is worth 100% of your nal grade. (d) The higher of your two midterms is worth 100% of your nal grade.
Compare Money with wealth and income Money isn't the same as wealth. An individual may be very wealthy however have no money (for instance by owning stocks and real estate). An
Define the individual consumer surplus and total producer surplus. Individual consumer: Individual consumer surplus is the net profit to an individual buyer through the purc
The price and quantity of lumber and other building materials has gone up recently. Show graphically and explain what might have caused this.
How are individual makes choices? Fundamental principles behind the individual choices are as follows: 1. Resources are scarce . 2. The real cost of anything is what y
What is the development process? Development is measured through outcomes that are development occurs while key indicators of human well-being enhance. A reduction of poverty
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If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good that is sacrificed) remains constant, then the shape of the productio
Q. Characteristics of endogenous growth theory? There are many different explanations for technological progress. Most of them, though, have many common characteristics:
A particle at position I with velocity i has acceleration w given by i = w x ( w x i ) where ? is a constant vector. Show by using the vector triple product and calcula
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