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Consider the following estimates from the 1990s of shares of income of each group. Draw a rough Lorenz curve for each country. Which has the most nearly equal distribution, based on your diagram.
Country Poorest 40% Next 30% Next 20% Richest 10%Bolivia 13 21 26 40Chile 13 20 26 41Uruguay 22 26 26 26
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Describe the lower price alter the marginal utility you originally placed on the item.
Provide brief but theoretically sound explanation for each of the following.
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Assume an economy in which the reserve ratio is 15 percent, people hold 10 percent of their deposits in the form of cash, and there are no other leakages.
Elucidate why this strategy may, in fact, be rational. Also, identify at least two other strategies that might permit Argyle to earn higher profits.
Illustrate the potential problems of economic transition from a planned economy to a competitive free-market economy.
Using indifference curve analysis, explain and show graphically the effects of higher gasoline prices on:
Diffrence between Federal funds rate and the prime interest rate. Explain why is one higher than the other? Why do changes in the two rates closely track one another
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Graphically illustrate short-run supply. Also include on your graph the long-run aggregate supply curve. At what point must the short-run aggregate supply curve and the long-run aggregate supply curve intersect.
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