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In class, we proved that the competitive equilibrium of the one-period simple economy is Pareto optimal, analytically. We also showed the graphical representation of finding the competitive equilibrium (by means of drawing production possibility frontier). Can you show that the competitive equilibrium is Pareto optimal, using the graphical approach?
explaining the expected short-term impacts on firms in any one of the following three industries in terms of product sales; operating costs; revenues or economic profits.
In 2012 Forbes magazine listed Bill Gates, the founder of Microsoft, as the richest person in the United States. His personal wealth was estimated to be $66 billion. If there were 303 million people living in the United States that year, how much cou..
In 2010 and 2011, the government of Greece risked defaulting on its debt due to a severe budget crisis. Show, using the bond market graphs, the effect on the risk premium between Canadian government debt and comparable maturity Greece debt.
What factors influence a firm's competitive strategies? How does global economic competition affect the price elasticity of demand in the domestic market and decisions r elated to the strategy a firm uses to compete? Why do most economists oppose tra..
What does it take to ensure that Starbucks' customers are satisfied? (Why) Is satisfaction an important metric for Starbucks to manage? Maximum of 50-75 words
Draw the function Y = F(K, L¯) in terms of Y and K, for some fixed L. On the same graph, plot the cost function for renting a certain amount of capital at a rental price of R, i.e. RK. For a profit maximizing firm, illustrate graphically how much cap..
Other things remaining the same, if the price level rises, then domestic interest rates will:
Assuming the ABC bank has excess reserves of %5,000, it could prudently expand its loans by a maximum
Suppose the cross-price elasticity of demand for pork with respect to the price of chicken is equal to +0.4. What does this tell you about the relation between pork and chicken? What will happen to consumption of pork if the price of chicken falls by..
Suppose a project has two possible outcomes. There is a 30% chance that it brings a profit of 10,000. There is a 70% chance that it brings a profit of 3,600. Suppose a decision makers utility function can be described by U(w)=w^0.5. What is this proj..
How much oil conservation (from switching to smaller cars, carpooling, etc.) will a $0.50 per gallon tax on gasoline achieve? Are taxes on wealthy citizens of the United States too high?
q1. the taxing agency in your state would like to impose a sales tax in a way that minimizes deadweight loss. to
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