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(a) Given a budget constraint p1x1 + p2x2 = I, consider an interior solution to the utility maximization problem. Find the demand function for good one. Then find the price elasticity of demand for good one. Is it elastic or inelastic? What parameters does this elasticity depend on? What does this elasticity tell you about the demand for good one?
(b) Find the income elasticity for good one. What does this tell us about the relationship between income and the amount of good 1 purchased? Under what circumstances does this seem a plausible model of behavior?
Conceptually, what would happen to relative factor prices in labor-abundant country A and capital-abundant country B if the two countries joined together into a customs union? Why? Conceptually, why could the additional step of moving from a customs ..
Social Welfare: A social planner has decided to allocate income between two people so as to maximize the sum of utilities of persons 1 and 2 (W = U1 + U2). Determine the marginal rate of transformation of person 1’s income into person’s 2’s income, i..
Elucidate the effect of capital formation by compering the production possibility curve,at the present time and ten years in future, for two economies,one with a high and the other with a low rate of capital formation
You have a comparative advantage in producing something when you;
Social Business Networking and E-Commerce. Select one of the social networking sites for business professionals listed in Insights and Additions box 3.2 in Chapter 3 of your text. Discuss why you believe it has been successful in creating community. ..
What technology available to produce your product suddenly improves. You should note whether the scenario indicates a shift of the curve or movement along the curve. You are a supplier of widgets.
What type of leader are you aspiring to be? Please note one person that you would like to model your leadership behavior after. Be sure to note who the person is and why would you want to model their behavior. Finally, note what steps you could take ..
The _________________is an artificial unit by which utility is measured. The change in total utility due to a one-unit change in quantity consumed is called _____________________.What is the utility maximizing or optimization condition?
Which of the following is true about the opportunity cost of holding money? Economists have found that
XYZ Machining Inc. is considering the purchase of a small truck car at a cost of $18,000. The truck is expected to have a service life of eight years and a salvage value of $2,500. Develop the complete depreciation schedule for the truck showing year..
Consider the case of a day trader who looks only at the past history of stock prices in conducting his or her trades. How likely would it be for such a person to beat the market? What does this suggest about investing in the "entire market
How are market structures characterized? How are monopolistic competition able to achieve market power? Monopolistically competitive firms can earn positive economic profits in the short run, but in the long run:
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