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Suppose there are two consumers, A and B, in an endowment economy. Each has preferences u=xy. The initial endowment for A is (4,16) and the initial endowment for B is (20,20). Each consumer is a price taker (Perfect competition). Let P(y)=1
a. Find the equilibrium price of good x that solves the model. show the equilibrium on an edgeworth box diagram.
b. Suppose that the government wants to impose the 'egalitarian' outcome where each person ends up with (12,18). Assume that lump-sum taxes are possible, find an income tax/transfer scheme starting from the initial endowment that generates this outcome, and show the new equilibrium in an edge worth box.
Hint: find an income tax on person B that shifts the budget constraints of each person to what whey would be to produce the egalitarian outcome. Then show that with these incomes, we can reach the desired allocation with competitive markets.
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Which of the following is NOT a consequence of imposing a legal minimum wage?
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Suppose the market for wine in the U.S. is characterized by: Calculate the deadweight loss if the U.S. imposes a prohibitive tariff per unit of imported wine.
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Which of the two nations has better prospects for the future and why. Provide a reasoned opinion.
What is the rationale for government to regulate the activities to businesses? How is our economic and social existence shaped by government regulations?
The short run for a company is
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