See the numerical example from the lecture slides. Suppose the two countries were to integrate their automobile market with a third country and a fourth country, which have an annual market for 2 million and 1 million automobiles, respectively. Find…
Consider the differential equation dydt=k(1-ym)y where k and m are positive constants. Draw a phase line to determine if the equation possesses a stable equilibrium. Solution Step 1 of 2 The answer is as! Identify the equilibrium points. The equilibrium points of a differential equation are…
( c ) Mary has an initial wealth of $ 1 . She can invest an amount x from it in non – dividend – paying stocks, y in bonds and the rest in cash. Consider three different scenarios as…
According to the endogenous economic growth theory, a nation’s economy can achieve sustained per capita income growth through the development of human capital, as well as through activities promoting research, development, and innovation. Solution According to the endogenous economic growth…
Which of the following is NOT captured by the notion of autonomy? B . The self – imposition of the law. A . The external imposition of the law. A . Freedom. C . The universal acceptability of the moral…
( 2 0 Marks ) Answer the following: i . Present graphically production plan, feasible production plan, efficient production plan, and optimal production plan. ii . Given the production function f ( x 1 , x 2 ) = x…
An economy consists of two individuals, A and B and two goods, a private good, which is called good 1, and a public good, which is called good 2. Each individual i=A,B is endowed with 24 units of time, which can be used to produce…
i. Present graphically production plan, feasible production plan, efficient production plan, and optimal production plan. ii. Given the production function f(x1,x2)=x10.5×20.5, calculate the profit maximizing demand and supply functions, and the profit function. Solution i. Graphically representing production plans involves plotting…
an economy consists of two individuals, A and B and two goods, a private good, which is called good 1, and a public good, which is called good 2. Each individual i = A, B is endowed with 24 units of time, which can be used to produce an…
Solution The question seems to have some typographical errors and is not clear. However, I’ll try to provide a general answer based on the information given. The production function given is f(x1,x2)=x1×x2. This is a Cobb-Douglas production function. The profit…
