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Suppose that two consumers care only about the goods that they own. (The goods are private for them.) Starting from a competitive equilibrium allocation, is it possible for both consumers to be made simultaneously better off by trading with each other? Show that your answer is correct. Illustrate your answer with graphs showing possible trades between the two consumers. Explain what it is in your graphs that shows that the allocation the consumers start from is a competitive equilibrium allocation.
You have been asked to evaluate the proposed acquisitions of a new clinical laboratory test system. The system’s price is $50,000, and it will cost another $10,000 for transportation and installation. The system is expected to be sold after three yea..
Define ex,I and ey,I to be income elasticities for goods x and y. Define sx and sy to be income shares for x and y.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of dema..
q1. the country of numidia does not trade with any other country. its gdp is 20 billion. its government collects 4
If the economy was experiencing a severe recession, which of the following combinations of monetary and fiscal policy actions would be most appropriate? Many years ago, the traditional mortgage loan structure specified. The "interest-only" mortgage t..
What factors underlie whether specialization in production will be partial or complete on an international basis.
How would each of the following affect the Canadian market supply curve for corn?
Describe the size of public sector borrowing/public sector debt requirement. Autonomous consumption is 10 billion the marginal propensity to consume.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Starbucks is hoping to make use of its excess restaurant capacity in the evenings by experimenting with selling beer and wine. It speculates that the only additional costs are hiring more of the same sort of workers to cover the additional hours and ..
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
If mortgage rates rise from 5% to 10% but the expected rate of increase in housing prices rises from 2% to 9% , are people more or less to buy houses. IRs was lower in the mid-1980s than in the late 1970s, yet many economists have commented that real..
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