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What are the basic assumptions of utility theory? In terms of price ratios and ratios of marginal utilities, how can we know when a consumer has maximized his utility from consuming two goods?
Business Economics, Economics
According to the center for Disease Control, the mean total cholesterol for men between the ages of 20-29 is 180 milligrams per deciliter with a standard deviation of 36.2. A healthy total cholesterol level is less than ...
Suppose the market demand and market supply curves are given by the following equations: QD = 120 - 10P QS = 20P a. Draw a figure of supply and demand representing this market. Be sure to label the axes and intercepts. ( ...
Indifference Curve and Budget Line Annie has an income of $180 an hour. Popcorn costs $6 a bag, and costs $4 a six-pack cola a. Draw a graph of Annie's budget line with six-pack of cola on the x-axis , and popcorn on th ...
Some farm land is more productive than other land in the sense that it can grow more food per hectare. Farmers also use fertilizer to grow food (i.e. adding fertilizer increases crop yield by 10 percent) earn more revenu ...
Why are farmers paid so little? The price of agricultural goods like chickens and coffee has been falling for decades and the share going to farmers has also been falling. What is the "Global division of labor" in food ...
A communications company offers 16 different television packages and 16 different internet packages. Of those, 5 packages include both television and internet. How many ways are there to choose either television or inter ...
Researchers at a University decided to test the hypothesis that restaurant servers who squat to the level of their customers would receive a larger tip. In the experiment, the waiter would flip a coin to determine whethe ...
The distribution of heights of adult American women is approximately normal with a mean of 64 inches and standard deviation of 2 inches. What percent of women is taller than 68 inches?
A manufacturer claims that their calculators are 6.800 inches long. A random sample of 39 of their calculators finds they have a mean of 6.812 inches with a standard deviation of 0.03 inches. At α=0.08, can you support t ...
In defining demand and supply, why do economists focus on price while holding constant other factors that might have an impact on the behavior of buyers and sellers?
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