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Norton and Ralph have a utility possibility frontier that is given by the following equation, UR + (UN)^2 = 100. (a) Plot the utilities possibilities frontier on a graph with UR on the vertical axis and UN on the horizontal axis. (b) Derive an equation for the slope of the utilities possibilities curve. (c) Both Ralph and Norton believe that the ideal allocation is given by maximizing an appropriate social welfare function. Ralph thinks that UR = 75, UN = 5 is the best distribution of welfare, and presents the maximization solution to a weighted-sum-of-the-utilities social welfare function that confirms this observation. What was Ralph’s social welfare function? (Hint: What is the slope of Ralph’s social welfare function?) (d) Norton, on the other hand, believes that UR = 19, UN = 9 is the best distribution of welfare. What is the social welfare function that Norton has in mind?
Below is the PPF for a society, Rubberland. On a given day, the society can produce according to the PPF below and only makes these two products, rubber band balls and rubber hoses. Point A on the PPF represents what Rubberland currently produces. As..
How is superior theory of comparative advantage of David Rivardo to the theory of absolute advantage Adam Smith? How the gains from comparative advantages emerge?
Four percent of the customers of a mortgage company default on their payment. a sample of five customers is selected. what is the probability that exactly two customers in the sample will default on their payments?
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
Economic growth does not depend on how much people save or businesses invest, only on how much they consume. Which of the following is NOT included in our calculation of GDP? Suppose a farmer buys $100 worth of seed, $50 worth of fertilizer, and $100..
In competitive equilibrium, what is the ratio of the price of bananas to the price of tomatoes. Illustrate what is the equilibrium quantity of bananas and tomatoes consumed by Marilyn and Chen.
Suppose that the Canadian economy, on a fixed exchange rate, has a real growth rate of 2% and is in equilibrium with an inflation rate of 10% and risk premium of 1%. Suppose that changes in the US cause its real rate of interest to increase from 3% t..
q1. you have been contracted by an economic consulting firm to determine the economic structure and possible future
Suppose the firm A&B is a monopolist. What is the profit-maximizing price and quantity? How much profit does the firm collect? How much consumer surplus does the firm generate? What is the deadweight loss? Suppose consumers cannot see the differences..
A student loan totals $18,000 a graduation. The interest rate is 6%, and there will be 60 payments beginning 1 month after graduation. If this student received $1,500 as a graduation present and uses it to pay off an extra $1500 in the first month, w..
The city of Spillsville is worried that its municipal landfill is going to fill up. As a result, the city's sanitation engineer has proposed three solutions: Require each household to reduce its garbage disposal by 100 pounds per month.
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