ECON 1000 Study Guide - Final Guide: Longrun, Inferior Good, Variable Cost

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zoomaker2020

19 Oct 2021

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York University

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Economics

Course

ECON 1000

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ECON 1000 Full Course Notes

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Department name & course number: econ 1000/1001 a, b, c, d, v. Course instructor(s): n. rowe, g. kowalski, c. belford, t. joseph, Students must count the number of pages in this examination question paper before beginning to write, and report any discrepancy immediately to a proctor. This examination paper may be taken from the examination room. In addition to this question paper, students require: two (2) examination booklets yes no a scantron sheet yes no . Part a: multiple choice (20 questions, 2 marks each). Detach answer sheet from examination paper and hand in answer sheet with exam booklets. Part b: shorter questions: answer any five (5) of the questions. Answer in main exam booklet. (total 40 marks) Part c: longer questions: answer any one (1) of the questions. Please note: answer parts b & c in separate exam booklets. Labour hours needed to make one unit of:

Related Questions

A question about utility maximization.

Nancy Lerner is trying to decide how to allocate her time instudying for her Economics course.There are two examinationsin this course. Her overall score for the course will be theminimum of her scores on the two examinations.She has decided todevote a total of 1,200 minutes to studying for these twoexams, and she wants to get as high an overall score aspossible. She knows that on the first examination if she doesnâtstudy at all, she will get a score of zero on it. For every 10minutes that she spends studying for the first examination,she will increase her score by one point.If she doesnâtstudy at all for the second examination she will get a zero onit. For every 20 minutes she spends studying for the secondexamination, she will increase her score by one point.

What is Nancy's utility maximizing scores for exam 1 and exam 2?What is her maximum utility? Find how much time she must spend oneach exam to maximize her overal score?

I am able to determine that Nancy's budget line here would be 10X +20Y = 1200, where X = exam 1 score, Y = exam 2 score, however, I amhaving trouble determining the utility maximization since I can'tfigure out how to determine her utility function, U(X, Y), fromthere I can use the Lagrangian method to determine how to maximizeher utility. It could be that I am going about this the wrong waythough. Any help would be appreciated.

Thank you.

chocolatemosquito651

Describe a world without communication... what would it be like? (For anyone interested, this examination of why we communicate uses antithesis--what if we couldn't--and is characteristic of Existential Intelligence).

Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift this function:

a. A change in nurse remuneration from salary to fee for service

b. A change in the case mix of patients, with more having leukemia and fewer having common colds

c. A change in policy to provide more thorough examinations

d. Higher nurse wages

e. A requirement that each patient now be told all his or her legal rights before an examination

f. An increase in the total number of nurses who are hired

g. An increase in the clinic's budget

Explain

ECON 1000 Study Guide - Final Guide: Longrun, Inferior Good, Variable Cost

ECON 1000 Full Course Notes

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