please answer number 2

please answer number 3

Respond to the following: "Cell phones have become a vital part of almost everyone s daily life. Sprint continuously works to improve their products to satisfy customer needs. This company offers products and services to go with these products so that one does not have to search...

You say that if Michelle specializes in producing potatoes and James specializes in raising chickens and then they trade at a rate of 2.5 pound of potatoes per chicken both of them will be better off. However, you do not explain. Both gain from specialization and trade at this price: If Michelle...

Explain in which way, in few and general terms, Mercantilism has shaped the history of economic development in Latin America.

Show that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale as long as there is some point that yields a positive profit.

Assume U = U(X,Y) = (X1/2 + Y1/2)^1/2. a. Derive the demand schedules for X and Y. b. Describe the impact of both prices and income on the demand for X.

Assume U = U(X,Y) = (X^1/2 + Y^1/2)^1/2. Derive the demand schedules for X and Y. Describe the impact of both prices and income on the demand for X.

If the wage rate increases, _____.

Consider the following lotteries: A: -$4100 p = 1.0 B: -$10000 p = 0.40, $0 p=0.60 C: -$4100 p =0.25, $0 p=0.75 D:-$10000 p = 0.10, $0 p=0.90 a) Suppose A is preferred to B. Demonstrate that C is preferred to D based on the expected utility criterion.