Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Determine how much each will be producing per hour 100 years later. What do results tell you about the effects of small differences in productivity growth rate?
With consumption goods on one axis and capital goods on the other, show how the combination of goods selected this period affects the PPF in the next period.
How would you explain the finding that people in high-income economies seem happier than people in low-income economies.
Question: Please explain the concepts of total utility, marginal utility, and utility maximization.
Regardless of the level of labor productivity, what impact does slow growth in labor productivity have on the economy's standard of living?
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation—Dental Equipment, Depreciation Expense, Service Revenue
Inflation and Relative Price Changes What does the consumer price index measure? Does the index measure changes in relative prices? Why, or why not?
What is the Marginal Utility of product A divided by the Marginal Utility of product B?
These are sometimes called price-indifference curves. Sketch a possible map of price-indifference curves.
Prove the envelope theorem and use it to derive Hotelling’s lemma.
Show that the indirect utility fuction v(p,y) = [x1(p,y))^rho + (x2(p,y))^rho]^1/rho is a quasi convex function of prices and income
Is it possible to deduce (without ambiguity) the shape of the criminals utility function? Explain what shape it will have
If the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility?
The price of a seasonal pass to six flags great adventure is not much more than a weekly pass. Why is this a reasonable pricing policy?
Is this consumer worse or better off after the price change? Explain.
If her utility changes to U = 3x + y, how will her utility-maximizing bundle be affected?
Derive the indirect utility function as a function of px, py and M, where px and py are respectively the prices of the two goods x and y
A. What is the marginal utility of the 6th fresh fruit topping? B. Of the two toppings, which would Barbara purchase first? Explain.
Is Annette maximizing utility? Why or why not? If she is not, what could she do to increase her level of satisfaction?
How firms use such strategies in the market and whether such strategies pay off, e.g., impact of advertising strategies on profitability.
Describe the difference between ordinal and cardinal utility. Use information from the slides and from outside resources, such as a book or the internet.
The Gross Domestic Product (GDP) is the value of all the final goods and services produced in the domestic economy in a given year.
Do you think the two drivers will necessarily produce an equilibrium outcome?
Assume the price of annuity insurance is the same as in part 1 If he could first buy an annuity and then take the test, would he want to take the test?
Compute this consumer's optimal consumption of caviar (x) and jeans (y) for each of the following possible utility functions, and show your work: