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Consider the following variant of the economy in Section 9.1. The utility of the individual indexed i = j is
where β ∈ (0, 1), and each individual has one unit of the good with the same index as his own.
(a) Define a competitive equilibrium for this economy.
(b) Characterize the set of competitive equilibria in this economy.
(c) Characterize the set of Pareto optima in this economy.
(d) Can all Pareto optima be decentralized without changing endowments? Can they be decentralized by redistributing endowments?
Given the choice, would you prefer a system of redistribution of income that lies somewhere between these two extremes?
If beta of portfolio is .326, the present yield to maturity on United States government bonds maturing in one year and an assessment that market risk premium.
suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. How to calculate how much cash would the sellers receive from selling their books now
Select one of the sociological perspectives, the functionalist, conflict, or symbolic interactionist, and analyze the problems facing K-12 education in the United States.
Suppose that you are the manager of an accounts receivable unit in a large company. You are switching to a new system of billing and record-keeping and need to train your three supervisors and 28 employees in the new procedures. What training me..
At what price does a cigarette pack sell at each stage in the distribution network In other words, what is the selling price for the retailer, the wholesaler, and smokey smokey - the manufacturer
At the minimum price, the quantity of powdered milk supplied is____ million units, the quantity demanded is_________ million units, and the excess supply is _______million units.
The following is the demand function for a company that makes caps featuring names of college and professional teams in a variety of sports. Q=2,000-100P Where Q is cap sales and P is price. a.) How many caps could be sold at $12 each
n a given day, once you subtract 8 hours for sleep, you effectively have 16 hours from which you can choose to work or enjoy leisure (that is to say, sleep doesn't count as leisure). You have a job that pays $20/hour and that is your only source o..
consider an industry with a dominant firm and several fringe firms. assumes that this is a free-entry industry. a dominant firm given by C(q)=800+20q+q^2. The fringe firms all have the same variable cost as the dominant firm, but doubled fixed cos..
As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers On firms Suppose the supply elasticity is 0.6. What must the demand elasticity be.
If the city wishes to raise as much revenue as possible from the tolls, where will the city decide to charge a toll: in the inelastic portion of the demand curve, the elastic portion of the demand curve, or the unit elastic portion? Explain.
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