Suppose a consumer has the utility function uxy xy12
Suppose a consumer has the utility function u(x;y) = xy1/2. Suppose the prices and income are given as Px = $2;Py = $3; I=$900:
a) Draw the budget line.
b) Find MRS. Is it diminishing?
c) Draw the optimal Bundle
d) Draw the Engel curve for good.
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What are the main characteristics of an oligopoly? Give an example of an industry with an oligopolistic structure. What are the firms in this industry?
The value of a home depends on how attractive other homes and yards in the area are. How do local zoning ordinances try to promote land uses that generate external benefits for neighbors?
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Joe the Plumber runs a competitive firm. He does 20 works per week, and charges $50 per week. His total cost each week is $1200, of which $300 is Fixed cost. Draw a diagram about his short and long run decision.
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