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A green grocer’s daily profit from the sale of two brands of orange juice is given by P(x , y) = (x – 30)(70 – 5x + 4y) + (y – 40)(80 + 6x – 7y) where x is the price per gallon bottle in dollars of the first brand and y is the price per gallon bottle in dollars of the second brand. The profit is also measured in dollars. Currently, the first brand sells for 50 dollars per...
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It is a hot day, and Kaleem is very thirsty. Here is the value he places on a bottle of water:Value of first bottle = Rs. 7Value of second bottle = Rs. 5Value of third bottle = Rs. 3Value of fourth bottle = Rs. 1From this information, derive Kaleem’s demand schedule. Graph his demand curve for bottled water.If the price of a bottle of water is $4, how many bottles does Kaleem buy? How much consumer surplus does Kaleem get...
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You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $119 in the sixth month and increase your withdrawals by $15 over the previous month’s withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?

On the first day of class, an economics professor administers a test to gauge the math preparedne...

On the first day of class, an economics professor administers a test to gauge the math preparedness of her students. She believes that the performance on this math test and the number of hours studied per week on the course are the primary factors that predict a student's score on the final exam. She collects data from 60 students, a portion of which is shown in the accompanying table Final 94 74 Math 92 90 Hours 63 64 icture Click...
I have a homework assignment for an Intro to Math Economics Class that I'm having difficulty...

I have a homework assignment for an Intro to Math Economics Class that I'm having difficulty understanding. (Short Run Phillips Curve Problem) A short-run Phillips curve for our purposes is simply the rate of inflation as a function of the rate of unemployment. Suppose that we have found that over the years that the Phillips curve had a very simple form, namely, that the product of the inflation rate and the unemployment rate was always 20 percent no matter what...