Bundle: ECON MICRO, 5th + Aplia, 1 term Printed Access Card
5th Edition
ISBN: 9781337192712
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 17, Problem 1.2P
To determine
The authorities find it difficult to regulate fishing activity in the ocean to maintain sustained yield.
Concept Introduction:
The renewable resources for which no restriction can be imposed and can be accessed by everyone are known as common pool resources. Common pool resources may be natural or man-made such as irrigation, fishing, etc.
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The preferences of a consumer are represented by the following utility function:
U = min (×1, 2x2)
If income is 100 and p1=p2=1
a) What is the optimal bundle?
b) If p₁=4, what is the new optimal bundle?
c) If p2=4, what is the new optimal bundle?
d) Decompose the price effect into income and substitution effect and provide a graphical representation of your results.
Challenges of Nepal's foreign trade.
Chapter 17 Solutions
Bundle: ECON MICRO, 5th + Aplia, 1 term Printed Access Card
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