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Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Each player has complete and transitive strict preference. Suppose the committee decides to operate on the basis of majority-rule: the committee strictly prefers alternative a to alternative b if a strict majority prefer alternative a to b. Let M be the committee’s preference. Based on the preferences of the committee members, (a) Is M complete and transitive? (b) Can you represent committee preferences by a utility function?
Based on your answer in a and b, how can you reconcile the President's statement with economics? Can you suggest how his statement could be modified to be consistent with teh IS-LM model?
A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.
Under perfectly competitive conditions, marginal revenue is. A firm's break-even point occurs where. Consumer surplus is the area above the demand curve and below the equilibrium price. Perfect competition assumes that all products are identical and ..
Explain is it possible for the new long-run equilibrium price to be above the original long-run equliibrium price.
Suppose that the nominal rate is 24%, and inflation is 6%. What is the real interest rate?
Given the formal structure of the Solow model, the numbers in the first column should in principle be per-worker GDP numbers. However, for purposes of the problem.
Select the item below that is a commonly held core value among tribal people.
Discuss why commercial labor norms are superior to subsistence labor norms when one needs to create wealth.
Consider the case of a corn producer. This producer is a monopolist in the corn market. Since corn production uses significant amounts of fertilizers, it negatively affects the environment. Recall that, when a firm is a monopolist, it reduces its pro..
q1. investment account holders iah depositors take the same risk that is assumed be bank shareholders. yet they have no
Explain how the change in the required reserve ratio would influence the business price levels and consequently the price levels in the economy. Determine the impact the interest rate would have in relation to the copy center's borrowing decision.
Illustrate on your graph and in words all important points and areas on the business cycle.
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