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The accompanying figure illustrates the change in consumer surplus, given by Area ABEC, when the price decreases from P1 to P2. This area can be divided into the rectangle ABDC and the triangle BDE. Briefly describe what each area represents, separately, keeping in mind the fact that consumer surplus is a measure of how well off consumers are (therefore the change in consumer surplus represents how much better off consumers are). (Hint: Note that a price decrease also induces an increase in the quantity consumed.)
what is the current selling price at that kink and how much output will be demanded?
To demonstrate that a utility function that is a monotonic transformation of another utility function gives that same first-order conditions and hence the same demand functions, multiply the utility function U = U(X,Y) by a constant
The first cash flow of a 25 year series of quarterly is equal to 35000. Each cash flow in the series increases by 800. Find the amount of each cash flow in an equal quarterly cash flow series that is equivalent to the increasing cash flow series.
The Tiebout hypothesis has been likened to consumers ‘‘voting with their feet.'' In many voting situations the electors can gain by voting strategically. Why will a consumer never make a strategic choice of jurisdiction?
Is there any information that you find particularly interesting or unique to this entity?
Set up the current-value Hamiltonian for the representative household. Characterize the solution. Combine this solution with equilibrium factor prices, and derive the equilibrium path. Show that the equilibrium path displays nontrivial transitiona..
In the United States, 10% of adolescent girls have iron deficiency.23 Suppose two adolescent girls are chosen at random.
The MSU firm has the production function: q = f(L,K) = 4 L^(1/2) K^(1/2) The market has many firms identical to the MSU firm. The price of capital is r = 4 and the price of labor is w = 1 A. On the graph below: Draw the isoquant for q = 24, and th..
The residual sums of squares were 225.1 and 184.6, respectively. The number of observations was 868, the household reporting no expenditure on food at home being dropped. Perform a Box-Cox test and state your conclusion.
5. The required reserve ratio (m) is 10%. Key Bank currently has: Reserves of $115 million, loans of $235 million, and demand deposits of $350 million.A. Illustrate a carefully labeled T-Account (balance sheet) for Key Bank.
A factory benefits from discharging effluent, q, into a lake. The marginal benefit function is given by 60-2q. The pollution causes damages to two nearby communities. The marginal damages to Community A are 1q. The marginal damages to community B ..
Is it possible that the first- and second-highest bidder could together bid more than the value of the rent? Could each of them spend more than the value of the rent? Why or why not?
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