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The utility that Meredith receives by consuming food F and clothing C is given by u(F, C) = FC. Suppose that Meredith?s income in 1990 is $1, 200 and the prices of food and clothing are $1 per unit for each. However, by 1995 the price of food has increased to $2 and the price of clothing to $3. Let 100 represent the cost of living index for 1990. Calculate the ideal and the Laspeyres cost-of-living index for Meredith for 1995.
What is the primary difference between a mixed strategy and a pure strategy?
Identify some of the major challenges confronting the international trading system. What problems docs terrorism pose for globalization? Identify the major fallacies of international trade.
Briefly discuss what consumer and business confidence in the economy typically reflects and provide examples. Contrast the effects of high consumer and business confidence with low levels of the same. Briefly explain how a rise in confidence will be ..
Explain the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes. Do you agree or disagree with this view.
The following data concern a new product to be launched by ABC Inc. Estimate the selling price per unit.
As an industry moves from being a monopoly to a monopolistically competitive one (due to entry of new competitors as monopoly's patents expire, for example), what happens to elasticity of demand curve facing firm.
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The US government is over $19 trillion in debt. Is the debt a burden on future generations? Explain. If one is concerned about the rise in US government debt, what would be an appropriate fiscal policy to ensure stability?
There are two firms in the market that produce pencils. The first firm’s marginal cost curve is given by MC1 = 0.055Q, while the second firm’s marginal cost curve is MC2=0.026Q. Society's benefits are given by 250-4.71Q. What is the consumer surplus ..
Learning Objective: In terms of macroeconomics; Be comfortable with what shifts the supply and demand curve, and how shifts in either supply or demand or both supply and demand change equilibrium quantity and equilibrium price. What would happen to t..
Explain how an economy with a shortterm equilibrium below the longterm equilibrium will adjust to bring the two into alignment. Explain how an economy with a shortterm equilibrium above the longterm equilibrium will adjust to bring the two into a..
Elucidate why it is often claimed that hospitals compete for doctors rather than patients. What are some of the implications of this phenomenon.
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