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For a given short-run production function, (A) technology is assumed to change as capital stock changes. (B) technology is assumed to change as the labor input changes. (C) technology is considered to be constant for a given production function relationship. (D) technology is assumed to change positively until diminishing returns set in and then it changes in the other direction.
How did the formation of an empire and its defining characteristics change over time?
Suppose that the total utility function of a consumer is given by TU(x,y) = 4xy+2 y and the prices of X and Y are 1 Birr and 2 Birr per unit, respectively. If the income of the consumer is 60 Birr and if he spends all of his income on the consumption of commodities of X and Y, a. Find the optimum amount of X and Y that the consumer will consume at equilibrium b. Find MRTSx,y . c. Draw the budget line d. What happens to the original budget line if the budget falls by 50%? e. What happens to the original budget line if the price of X doubles? f. What happens to the original budget line if the price of Y increases to 4?
WHAT IS THE DIFFERENCE BETWEEN WANT AND DEMAND? EXPLAIN IT WITH THE HELP OF EXAMPLE
Explain in detail : (A) MEDIA SELECTION STRATEGIES (ELABORATE IN DETAIL STRATEGIES ). (B) IMPORTANCE ( GIVE 7 POINTS WITH ELABORATION FOR IMPORTANCE ) of advertising agency
Suppose Martha earns an of income 400 Birr currently, and her utility function is given by: U(m) = 4m, where m represents income. She has two options: Option 1: to buy a share. If she is successful her income will be 700 Birr and if she is not successful her income will be 100 Birr. Option 2: to do nothing and keep on earning 400 Birr. Assuming that success and failure are equally likely, a) What would be her expected income if she buys the share? b) What would be her expected utility of buying the share? c) Would Martha buy the share? Why? d) Is Martha risk averse, risk lover or risk neutral?