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U(X,Y)=lnx +2lny
a) What is the optimal choice when the consumer faces a budget 3x+y=225? call this bundle A(25,150)
b) Suppose Px becomes 5, giving us 5x+y=225, what is the new optimal? with bundle (15,150)
c) Suppose the consumer's income increases to M, find M if it is known that bundle A is on the new budget line 5x+y=M (275)
d) What is the consumer's optimal choice with budget 5x+y=M (18 and 1/3, 183) (use M that you found in part C) call this bundle D
1. the elasticity of demand for a firms product is -2 and its advertising elasticity of demand is 0.1.a. determine the
Consider a market where supply and demand are given Qx^s=-10 +Px and Qx^d= 56-2Px. Suppose the government imposes a price floor of $25, and agrees to purchase any and all units concumers do not buy at the floor price of $235 per unit.
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Explore the different ways that government can reduce market failure. Please give a specific example of such a regulation and discuss the extent to which you think it has been successful. What other approaches are available to reduce this particul..
Paul Volker was chairman of Federal Reserve system in the late 1970 and through most of the 1980.
What are the two properties of public goods? List an example of both public and private goods, andindicate whether each of them possess these two qualities. Explain why or why not.
Identify and discuse the IS-LM framework (determination ofincome and the interest rate) and equivalent AD-AS framework.(determination of price level and income) and how changes inequilibrium occur as a result of changes in fiscal
Suppose that you are the chiefeconomic advisor to the president of the U.S. You are asked topropose a strategy to bring the economy out of recession. Your goalis to avoid inflation and yet bring the economy to full employmentas rapidly as possible..
An oil cartel effectively increases the price of oil by 100 percent leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equlibrium at the same level of output and prices at the time of the shock.
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