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The residents of Uurp consume only pork chops (X) and Coca-Cola (Y). The utility function for the typical resident of Uurp is given by . In 2009, the price of pork chops in Uurp was $1 each; Cokes were also $1 each. The typical resident consumed 40 pork chops and 40 Cokes (saving is impossible in Uurp). In 2010, Swine fever hit Uurp and pork chop price rose to $4; the Coke price remained unchanged. At these new prices, the typical Uurp resident consumed 20 pork chops and 80 Cokes.
a. show that the utility for the typical Uurp resident was unchanged between the 2 years.
b. show that using 2005 prices would show an increase in real income between the 2 years.
c. show that using 2006 prices would show a decrease in real income between the years.
d. Illustrate what do you conclude about the ability of these indexes to measure changes in real income?
they both can earn 10$ an hour they both have non-labor income of 300$ per week and they have 110 hours per week of non sleeping time. Who would works the most hours also how much do each of them make per week
She is considering quitting her job and going to university full time for four years.
Hiro Nakamura is CEO of the Cola King Bottling Company, a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
Illustrate what share of GDP is composed of consumption. Illustrate what share of GDP is composed of investment.
If the actual price in this market were below the equilibrium price, illustrate what would drive the market toward the equilibrium.
Explain how this new inflationary environment would affect the demand for money according to portfolio theories of money demand.
This marginal cost is the only cost associated with the product. Illustrate what are the profit-maximizing price also quantity. Illustrate what are your optimal price also quantity.
Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate and profit from the interest-rate differential.
The rapid globalization of capital markets enables persons also institutions based in one nation to invest in corporations based elsewhere with relative ease.
Dane decides to give up a job earning $100,000 every year as a corporate lawyer also converts the duplex that he owns into a UFO museum had been renting the duplex for $20,000 a year.
Compare the effects of the two policies, based on the models developed. Why might the United States have preferred one policy over another.
If salary and prices are completely flexible, then an unfavorable productivity shock would raise both the natural rate of unemployment and the actual unemployment rate.
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