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Utility is given by the function U(x,y) = (x + 2)^0.6y^0.4. Income is I and the prices of x and y are respectively Px and Py. Solve for the optimal quantities of x and y. Are corner solutions possible?
Business Economics, Economics
Describe a study you might conduct in which it would be appropriate to compute a Pearson r(i.e., a study with one group of participants with two scores per participant). Predict if you perceive that the r-value would be ...
A random sample of the closing stock prices in dollars for a company in a recent year is listed below. Assume that sigma σ is ?$2.59. Construct the 90?% and 99?% confidence intervals for the population mean. Interpret th ...
Determine the minimum sample size required when you want to be 98% confident that the sample mean is within two units of the population mean. Assume a standard deviation of 4.82 in a normally distributed population.
Some seem to believe that we should be pure maximizers. Others say that we do better as constrained maximizers. Which view does David Schmidtz endorse and why?
A cartel is branch of an oligopoly. There are still a handful of large firms and many smaller firms. For instance, the diamond industry and the petroleum industries are examples are oligopolies. However, the main differe ...
1. Government spending fluctuates less than spending by households and spending by firms on investment. Explain. 2. In countries with well-developed tax collection and welfare systems, there are automatic stabilisers tha ...
1. A Wall Street Journal article noted that a study by U.S. Congressional Budget Office "estimated raising the minimum wage to $10.10 per hour reduced U.S employment by 500,000 but lift 900,000 Americans out of poverty " ...
In an inquiry into the nature and causes of the wealth of nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
Interested in learning more about its fans, the marketing office of the Arena Football League (AFL) conducted a survey at one of its games. The survey had 952 respondents, 679 males and 273 females. Out of the 952 total ...
Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium?
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
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