Astrid's Utility Function Is U(H_A, C_A)= H_AC_A

question 1

Multiple Choice

Astrid's utility function is U(H_A, C_A) = H_AC_A.Birger's utility function is min{H_B, C_B}.If Astrid's initial endowment is no cheese and 20 units of herring and if Birger's initial endowments are 9 units of cheese and no herring, then where p is a competitive equilibrium price of herring and cheese is the numeraire, demand equals supply in the herring market.This implies that

• A)9/p + 20/2p = 20.
• B)9/20 = p.
• C)20/9 = p.
• D)9/(p + 1)+ 10 = 20.
• E)min{20, 9)= p.

Distinguish between various job search strategies and tools.

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Understand the components and benefits of various types of job searching strategies including internet searches and classified advertisements.

Recognize the importance and structure of continuing education units for professional certification.

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Definitions:

Free-Ride

A situation in which an individual benefits from resources, goods, or services without contributing to the cost.

Private Markets

Markets where transactions occur directly between parties without public exchange involvement, often characterized by less regulation.

Socially Optimal Level

A state of resource allocation where the benefits to society are maximized, considering all externalities.

Excise Tax

A tax levied on specific goods or services, such as alcohol, tobacco, and gasoline, usually to discourage their use or to generate revenue.