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Suppose that the representative consumer's preferences change, in that his or her marginal rate of substitution of leisure for consumption increases for any quantities of consumption and leisure.
(a) Explain what this change in preferences means in more intuitive language.
(b) What effects does this have on the equilibrium real wage, hours worked, output, and consumption?
(c) Do you think that preference shifts like this might explain why economies experience recessions (periods when output is low)? Explain why or why not, with reference to the key business cycle facts in Chapter 3
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates? Identify and ..
Find the equivalent of present worth (t = 0) of a uniform series of $4550 for 8 years, if the payment is made every 12 months, starting 6 years from now. Assume the interest rate is 12% per year, compound continuously.
We are concerned with the water quality in the Mississippi River. There are 4 groups of people who use the river: environmentalists, fishermen, sightseers, and wastewater plant executives. What is the efficient level of water quality?
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies? At what production level are scale economies exhausted?
Consideration is being given to the investment of $420,000 at time zero for machinery and equipment to be depreciated using 7 year straight line depreciation starting in year 1 with the half-year convention. Annual sales are projected to be $450,000 ..
A site becomes wildly successful in the United States, and you decide to export overseas. Answer the following:
Russia imports 5 billion Rubles of goods and exports 7 billion rubles of goods. At the same time, Russia imports 4 billion rubles of services, and Russia makes a 2 billion Ruble net unilateral transfer to Albania. Net Foreign Investment Income. Russi..
Review the biographies of each of the seven members of the Board of Governors.
Explain the unemployment rate in Tappania is higher now than it has been in 50 years. Can both of these statements be true at the same time.
q. the federal reserve expands the money supply by 5a. use the theory of liquidity preference to illustrate the impact
q.happy bank initiates with 200 in bank capital. after that it takes in 800 in deposits. it keeps 12.5 percent of 18th
Suppose product demand is given by the column labeled D1. If the wage rate rises from $100 to $130, the firm will reduce the quantity of labor employed by _____ unit(s) Compared to an otherwise identical competitive firm, a firm with monopoly power w..
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