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Consider a two good exchange economy with two individuals, A and B. A’s preference is represented by UA = 0.3 lnxa1 + 0.7 lnxa2 and B’s is represented by UB = .8lnxB1 + .2lnxb2. A’s initial holding is (10,4) and B’s is (8,12).
Calculate the demand function for each of A and B.
Suppose the following equations discuss a hypothetical economy where both the price level and interest rates are fixed.
Illustrate what marketing, pricing, distribution or other competitive advantages can firms exploit. What limits or constraints are on these firms.
Plot the production possibilities frontier in Question 1 on a graph. Measure food along the horizontal axis and tractors along the vertical axis and plot the new production possibilities frontier
If twelve units of a good are sold when the price is $1 per unit, and eight units are sold at a value of $1.50 per unit,
Economists are often criticized for making assumptions. Explain why are assumptions necessary? To think about this, you might consider an assumption that is often made,
How rapidly has the money supply (M1) grown during the past twelve months State the rate of growth and the most recent release, use the seasonally adjusted figures. Calculate the rate of growth across the year.
Elucidate whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.
Look at some of the news reports on the current election campaigns. State a claim made by a candidate that is an example of the fallacy of false cause. How do economists attempt to avoid this problem
Rob has an income of $10,000 this year and he expects an incomeof $13,200 next year. He can borrow and lend money at an interestrate of 10%. Consumption goods cost $1 per unit this year and thereis no inflation.
What is a fixed payment made by the privately insured patient in exchange for receiving the medical good or service? What is the percentage of each and every medical bill that the patient pays rather than the flat dollar amount?
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
For automobiles BWC sells chrome wheels for automobiles. At a price of $600 per set, they sold about 900 sets per month. Illustrate what is the arc price elasticity for this product.
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