Economists look at the differences between the short run, Ask an Expert

Economics

Q. Economists look at the differences between the short run and the long run in macroeconomics. How might knowing this affect you as the manager of a large firm?

Q. The preferences of an individual are represented by the following utility function:

U(x,y)= ln(x)+ 2y

a) Determine if x and y are gross substitutes or gross complements.

b) Determine if x and y are net substitutes or net complements.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9281357

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