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Determine whether each statement below is TRUE or FALSE and explain your reasoning
1. An agent has preferences over two goods X1 and X2 Suppose preferences are complete, transitive and continuous. Suppose they are also monotone and strictly concave. That is, the MRS is strictly increasing in X1 along the indifference curve. The agent has income m and faces positive prices P1 and P2 The agent will choose to consume both goods.
2. A firm has two variable factors and a production function f(X1 X2)=( 2X1+4X2)^1/2. The technical rate of substitution between X1 and X2 is constant.
Illustrate what would happen to the total employment, the size of the labor force, and the unemployment rate? Show the results graphically.
The following relationships describe the economy of a random, fictitous country: Sketch the IS curve and LM curve for 1998 on a diagram and show the point where the interest rate and output are determined. Show what happens in the diagram if the mone..
What sense is the marketplace cruelly capricious - One of the important things.is to counter the notion that big corporations are faceless machines
For a particular competitive firm, the minimum value of average variable cost (AVC) is $12 and is reached when 200 units of output are produced. For the same firm, the minimum value of average total cost (ATC) is $15 and is reached when 230 units of ..
Assume that the annual rate of inflation (compounded annually) is 2%. Assume that the market annual interest rate (compounded annually) is 3%. What is the real (i.e. “inflation-free”) annual interest rate (compounded annually)?
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
if government places a per-unit tax or an emission charge on a product, the producer tries to force the consumers to pay the majority of the tax. What type of elasticity must the supply curve have for the producers to successfully shift the burden of..
General Patton LTD generated $6,900,000 of gross income during its tax year and incurred operating expenses of $1,875,000. Property taxes on business assets amount to $140,000. The total depreciation deductions for the tax year equal $350,000. What i..
Elucidate why would new textbook sales fall in the yrs subsequent the release of the latest edition.
Wheat can only be sold at a central market place M. All producers that do not produce it at M need to haul it there in order to sell it and will incur transportation cost. People are willing to pay $222 per ton of wheat; its marginal production cost ..
Two manufacturing firm, located in cities 90 miles apart, both send their trucks four times a week to the other city full of cargo and return empty. Each driver costs $275 per day with benefits (the round trip takes all day) and each firm has truck o..
q. consider the following data on us gdp.year nominal gdp billions gdp deflator base year19962000 9873 1183 1999 9269
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