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Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
Business Economics, Economics
Discuss three ranges of the aggregate supply curve. Explain changes in the AD-AS macroeconomic equilibrium due to the aggregate demand shifts and due to aggregate supply shifts. Apply the AD-AS model to the two types of ...
A state Department of Transportation claims that the mean wait time for various services at its different location is more than 6 minutes. A random sample of 16 services at different locations has a mean wait time of 9.5 ...
A restaurant is considering extending their opening hours, either by extending their hours on weeknights or weekends. 85% of the customers surveyed said that they preferred extended hours on weekends. 55% of the customer ...
Assume that a perfectly competitive firm has the following revenue and cost functions: TC= 5625 +5Q + 0.01Q^2 AVC=5 + 0.01Q MC=5 + 0.02Q TR=20Q A) What is the level of output that maximizes profits, if any? Compute profi ...
By chance does any know What percentage of the world GDP has the Global 500 contributed most recently?
What is the factors that determine wages which are largely responsible for determining how the economy's total income is distributed among the various members of society?
How is the study of how firms' decisions about prices and quantities depend on the market conditions they face,the field of industrial organization, and the cost of production.
In a class there are 7 girls and 5 boys. The median age of the 7 girls is 12 and the median age of the 5 boys is 14. Additionally, you know that there are 3 girls with age greater than 14 and 2 boys with age less than 12 ...
1. Under what circumstances is it advantageous for a company competing in foreign markets to concentrate its value chain activities in a select few locations? Under what circumstances is it advantageous for a company com ...
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