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Consider Joe who was born with 5 legs; 2 left legs and 3 right legs. His parents give him an allowance of I to buy shoes. To get extra utility from having new shoes, he needs 2 new left shoes and 3 new right shoes. 1. Write down Joe's utility function. Denote the number of left shoes he buys by L and right shoes by R. Draw the indierence curve where the utility level is 2. 2. Are Joe's preferences convex? Show on your graph from the previous part. Are they weakly or strongly monotonic (or not monotonic at all)? 3. By looking at the utility function and your graph, nd the ratio of L to R that Joe will always consume regardless of prices. Explain. 4. Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) 5. Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
Elucidate how would you argue your case, both in terms of opportunities also necessary local adaptations to successfully enter the region or further develop your presence.
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession.
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Illustrate what would be a simple options strategy utilizing a put and a call to exploit your conviction about the stock price"s future movement.
For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
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Some economists have suggested that the best way to control medical costs is to remove the profit incentive for health care providers, particularly hospitals.
Trade liberalization leads to a "race to the bottom" in environmental standards. Make the argument and counter-argument, present the following data;
Illustrate what mix of central bank bond purchases also higher government spending is required to rise income by $6,000 without changing the interest rate
Write down the decision box which combines the letter grade and the amount of fun you have into a single payoff for each outcome.
Show that if the food stamps could be legally re-sold, the welfare of the household would be increased. Give one reason why food stamps should not be re-sold.
Elucidate the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
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