between y=30 and x=75. The optimal choice (utility-maximizing) is shown by the point of tangency with his utility function. This is point E (and x =30). b) The budget constraint shifts to x = 120. The new optimal choice is point C (and x = 35). c) ΔY∙py = (30-22‚5)∙10 = €75 d) The total effect: Point E C e) Income effect: F C Substitution effect: E F f) Income effect < 0‚ so X is an inferior good. 5a) U(x‚y) = x1x2 Normalize the parameters so that α + β = 1 U(x‚y) = xɗy1-ɗ‚ where
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Econ Notes 3: Exam Thursday‚ March 27th Chapter 16: Money Money- used to purchase things Weath- not money until converted into form that can be used to purchase things Liquidity- Purchasing power Functions of Money: (515) 1. Medium of exchange 2. Store of Value- can store it 3. Unit of account - way of establishing relative value 4. A Standard of Differed Payment- allows exchange over period of time Our Money • Commodity Money- money that has value outside of being used for money
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Consumer Choice Exercise 1. Function U allows us to know how that agent orders different combinations of goods x e y according to his preferences. For each of the following representations what is the shape of the indifference curves and what is the marginal rate of substitution (MRS)? What does that tell you about the agent’s preferences? a. U x 2 y x y b. U min ‚ 3 4 c. U xy d. U x 2 y Exercise 2. Consider the following utility functions: a. U ( x‚ y) ( x
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engrave it in words. Joy and sorrow are opposite each other yet Blake develops poems from each aspect. The two poems I will be talking about are Infant Joy and Infant Sorrow. Infant Joy seems as if it’s a poem about an Infant named Joy. It is very perky and jolly. It appears as if there are two speakers one the Baby and the other asking how should they name the baby which probably would be the mother. It’s an exchange of words yet not having a hard time responding to each other and just going with
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windows and back door of the house. My mother would always tell me to come in and look‚ so that‚ I could learn how the two of them prepared our meals‚ sometimes I would stand in the door of the kitchen and make mental notes on how to prepare cakes‚ pies‚ and homemade candy. I can remember when my grandmother became really sick and my mother was not at home and I had to prepare our dinner for that evening. When I started preparing dinner for the family it was not the best thing in the world to
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She was also a civil rights activist. Harriet Tubman wanted to give back to community by purchasing a home for the sick and needy people. She sold pies to raise money to purchase a house. But she still couldn’t make her purchase so she decided to give the land away to the African Methodist Episcopal Church. If Harriet Tubman wasn’t driven Americans would still have suffered from pain and slavery.
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1 DESIGN OF QUESTION PAPER ECONOMICS Class – XII Marks – 100 Duration – 3 hrs. 1. Weightage by type of questions Type Number of Mark Total Estimated time a questions candidate is expected to take to answer Long answer questions 6 6 36 60 minutes Short answer questions I 6 4 24 36 minutes Short answer questions II 10 3 30 50 minutes Very short answer questions 10 1 10 15 minutes 2. Weightage by content Unit No Unit Sub-Units Marks 1 Introduction
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Being Thankful is feeling that flames inside your heart bringing happiness and joy that you give to others. All the people and things that we see around us are gifts and blessings that God has given to us. These things that we have are what we should cherish and be thankful for. It is clear that we have to be thankful because there are millions of children and adults that are sick and would do anything to have good health. Tons of people today suffer from hunger and cancer‚ and I am so lucky to have
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Making Decisions Based on Demand and Forecasting ECO 550 1. Report the demographic and independent variables that are relevant to complete a demand analysis providing a rationale for the selection of the variables. (Independent variables are the variables that have effect on the demand of Pizza). List 5 and explain the effect of each of them on the demand of Domino’s Pizza. I currently reside in Allentown‚ Pennsylvania‚ which has a current population‚ based off of the 2010 Census data‚ of
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Directions: Read the 3-page article on Thanksgiving at http://www.history.com/topics/thanksgiving and answer the following questions. 1. When did the Pilgrims hold their first Thanksgiving feast? 2. Why didn’t the Pilgrims share pies and other desserts at the first Thanksgiving? 3. Who made Thanksgiving a federal holiday? When? Why? 4. Since 1970‚ why have protesters gathered at Cole’s Hill (which overlooks Plymouth Rock‚ on Thanksgiving Day? Part
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