QUESTION Suppose Mr. Macleod likes to consume wine. He has the option to consume two different products, 1 liter of red wine (x) or 1.6 liters of white wine (y). x and y are perfect substitutes. Each liter of wine gives Mr Macleod 1 unit ofutility.(a) Write down Mr. Macleod utility function.(b) Consider px = […]
Date: September 2nd, 2020
QUESTION Review Problems for Test 21. Which of the following are Hermitian operators?(a) XPy(b) XPx(c) HX(d) XPx X2. Evaluate the expectation value of Lx and L2 in the statey1 + 2i|ψ = √ |2 − 111z2+ √ |1011z3. An angular momentum system with l = 1 is prepared in the state1|ψ = √ |1114z3− √ […]
Date: September 2nd, 2020
QUESTION Mr Macleod likes to drink wine. He has the option to consume two different products, 1 liter ofred wine (X) or 1.6 liters of white wine (Y). X and Y are perfect substitutes. Each liter of winegives Mr Macleod 1 unit of utility.a) Write Mr Macleod utility function.b) Suppose that Px=5. Calculate the Marshallian […]
Date: September 2nd, 2020
QUESTION The widget market is competitive and includes not transaction costs. Five suppliers are willing to sell one wide at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20, $24, and $29. What is the equilibrium price and quantity in […]
Date: September 2nd, 2020
QUESTION There are two firms in an industry, engaged in Cournot competition. The firms compete repeatedlyin successive time periods. Occasionally, one of the firms is required to produce a certain amount(due to production constraints). This amount is known to both firms before the other firm has thechance to choose its output. At other times, the […]
Date: September 2nd, 2020
QUESTION Open-Response Homework Problem 24.5 Sandra Bullock, taking on one of her more desperate roles, acceptsa part in an extremely mediocre movie. To make up for the ill-developed plot, the director chooses to increasethe quality of cinematography by actually shooting the film in orbit 40,000 meters above the surface of the earth.The effect is quite […]
Date: September 2nd, 2020
QUESTION Barriers to entry might include all of the following EXCEPTA) patents and copyrights.B) ownership of essential resources.C) government franchise.D) positive economic profits.2.Economies of scale may be a barrier to entry in a situation in whichA) only small-scale production can lower the average cost of production.B) only small-scale production can meet the constantly changing market […]
Date: September 2nd, 2020
QUESTION Since the beginning of the Great Recession, the Federal Reserve Bank has engaged in expansionary monetary policy (buying US Treasury bonds) with the goal of promoting economic recovery.Most Americans think when the Federal Reserve buys these securities they must “get the money” from somewhere. Actually the Federal Reserve Bank has the perfect “money tree” […]
Date: September 2nd, 2020
QUESTION Please show the formulas used and all units.1. John used a force of 300N to push his younger brother in a wagon for 500m.How much work did John do?2. How much work must be done to move a 100.0kg crate a distance of 10.0m across a floor that has a coefficient of sliding friction […]
Date: September 2nd, 2020
QUESTION We observe the consumption behavior of a given consumer in 5 dier-ence price-income settings. The following table summarize prices andconsumption in each of these settings. There is only two goods.Setting p1 p2 x1 x2A 1 1 5 35B 1 2 35 10C 1 1 10 15D 3 1 5 15E 1 2 10 10a. […]
Date: September 2nd, 2020
