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1.Two individuals are having a picnic. Jane brings eight litres of soft drinks and two sandwiches. Bob, on the other hand, has two litres of soft drinks and four sandwiches. With these endowments, Jane's marginal rate of substitution (MRS) of soft drinks for sandwiches is 3, and Bob's MRS is equal to 1.Draw an Edgeworth box diagram to show whether this allocation of resources is efficient. If it is, explain why. If it is not, then explain and show what exchanges will make both parties better off.2.Suppose there are two goods, video cassettes and record albums, produced by two firms (firm A and firm B). Moreover, suppose the marginal rate of product transformation (RPT) of record albums for video cassettes in firm B is 2. That is, firm B can always trade 2 video cassettes for 1 record album in production . On the other hand, the RPT in firm A is 1. Assume that each firm's RPT is constant over all possible output combinations.If firm A produces 100 record albums and 100 video cassettes, how might firm A be made better off by shifting its output mix? Explain your reasonings clearly.3.When lecturing to 200 students in a room of 250, there is ample opportunity to add more students at a marginal cost of zero. Since lecturing to one is no different than lecturing to 250, the product (i.e., education) has the element of a public good. If that is the case, why do universities charge tuition that is far above the marginal cost of production?Explain, relating part of your response to whether or not the good in question (i.e., education) has all the characteristics of a public good.4.Suppose a computer programmer lobbies against copyrighting software. He argues that everyone should benefit from innovative programs written for personal computers, and that exposure to a wide variety of computer programs will inspire young programmers to create even more innovative software programs. Considering the marginal social benefits possibly gained by his proposal, do you agree with the programmer's position?Describe in the context of public good analysis.
The demand for money in a country is given by, Assume that the money supply is set by the central bank at $1,198,000. Determine the equilibrium interest rate.
An economy can be stimulated through printing more money. Determine the dangers of doing that? Inflation can be reduced by reducing the money supply.
In one day, Canada can manufacture either 200 tonnes of wheat or ninety tonnes of copper ingots. In one day, Chile can manufacture either 120 tonnes of wheat or 175 tonnes of copper ingots.
Give your opinion, observation, or recommendation on this company? For example what types of strategy's do they use, do the use them correctly, what are their shortfalls, how do they relate to other in the industry?
Describe breifly about Critical evaluation of Adam Smith's Theory and outline of its purest form and what is its critism.
Using demand and supply analysis, answer the questions. Determine the effects on the exchange rate between the British pound and the Japanese yen from:
There are many significant antitrust cases in US. The most significant cases involve Company's such as Microsoft, AT&T, Standard Oil, and Major League Baseball.
Suppose the spot exchange rate in dollars and yen is e=$1/100yen. The interest rate on a 6 months dollar denominated assets is i($)=1 percent and interest rate on comparable 6 months yen denominated assets
I am an advisor to United State Federal Trade Administration in charge of doing background research that will be used for trade negotiations by policy makers. Discuss advantages and disadvantages of expanding NAFTA.
Suppose that a nation faces a balance of payments deficit with high unemployment. Determine what exchange-rate adjustment can be made to solve these problems?
Assume that the Bank of Canada decides to expand money supply. Explain why would it be counter productive for the Bank of Canada to fix the value of the exchange rate?
A company that produces T-shirts and sells its items in a perfectly competitive market. The manager forecasts the wholesale value of T-shirts next year to be $7.00.
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