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Pete's utility function is u(x1, x2) = sqrt (x1) + x2
Suppose the price of good 1 is $2, and the price of good 2 is $1. Derive Pete’s demand function for good 1 (as a function of income). Is good 1 normal for Pete? How about good 2? Plot the Engel curve for goods 1 and 2 (with income on the horizontal axis and demand on the vertical one).
Compute the unweighted-average nominal tariff rate for Tarheelia nominal tariff rate for Tarheelia.
Illustrates what happens if business taxes are reduced also the real interest rate increases
Suppose that both countries are currently producing three pairs of boots and three shirts. Elucidate that both can be better off if they each specialize in producing one good and then engage in trade.
Do you think that competition can be counted on to discipline the industrial business firms of a modern economy?
Use the aggregate expenditure model to explain the following statements from the opening news article.
You complain that the current labor contract specifies a full hour for your lunch break and you still have over 15 minutes left.
Explain how more would cumulative spending increase as a result.
Consider a market with demand function D(p) = 1000 ? 10p and aggregate supply function S(p) = ? 200 + 20p if p ? 10 [and S(p) = 0 otherwise]. Compute the competitive equilibrium price and quantity, as well as the equilibrium value of consumer surplus..
Using the sameproduct example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.
Find out the curve for MR and use it to find the monopoly output and price. Calculate the output of a perfectly competitive market if the MC is the same as the market supply.
Below is a list of domestic output and national income figures for a given year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditure and income methods. The results..
Output per worker yt = 4kt 1/3, the saving rate is 30 percent, and the depreciation rate is 13.3 percent. Calculate the steady-state values of capital per worker and consumption per worker.
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