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1. Describe each of the four properties of indifference curves.
2. Explain what is meant by "asymmetric information." Identify and explain the two basic types of problems that arise when there is asymmetric information.
3. Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality? Consider the three "systematic mistakes" discussed in your text. What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
4. Describe and explain the budget constraint. How does a consumer maximize utility under a given budget constraint? How do consumers know if they are not maximizing utility?
5. Explain the Condorcet Paradox, the failure of majority rule to produce transitive preferences for society. Explain Arrow's impossibility theorem. What does this say about society's choices?
Why do you think investment spending is the most sensitive component of AD? Briefly discuss. 3. Why do you think an average American spends more than an average European? Briefly discuss. 4. (Changes in Aggregate Supply) What are supply shocks? Disti..
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
what will happen to equilibrium of peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, not enough info to answer, or decrease. what will happen to the total revenue os us peanut butter..
The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effects of this policy. First, there will be an increase in the number of consumers of dental servic..
Determine the mariginal product. Determine the average product function. Find the value of L that maximizes QFind the value of L at which the marginal product function takes on its maximum value.
Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system
Tanya operates a home business importing sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on advertising, accounting services and u..
An inflation shock is a disturbance to the usual behavior of inflation that shifts the IA line. A supply shock is a change in the natural rate of output. Graph the long and short run effects of a positive inflation shock and a negative supply shoc..
You're the manager of monopolistically competitive firm. The present demand curve you face is P=100-4Q. Your cost function is C(Q)=50+8.5Q2 (That's Q squared).
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firms choice of Price and Quanity change in response to the wage increase. Use a diagram in your answer.
Suppose the general public purchase $500 million in government bonds and pay for them by drawing cheques on their chartered bank deposits. 1) Calculate the (target) reserve requirement
What is an optimum currency area. What are the potential gains and the potential losses when countries adopt a common currency In terms of a country reacting to economic shocks, what conditions would be desirable in labor markets.
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