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Q1. Suppose that Ike is loss averse. In the morning, Ike's stockbroker calls to tell him that he has gained $1000 on his stock portfolio. In the evening, his accountant calls to tell him that he owes an extra $1000 in taxes. At the end of the day, does Ike feel emotionally neutral since the dollar value of the gain in his stock portfolio exactly offsets the amount of extra taxes he has to pay? Explain.
Q2. Consider the CES utility function U (x, y) = (√x + √y)21. Find the expression for the indifference curve and plot an indifference curve forU = 64.2. Using the Lagrangian method, find the optimal quantities of X and Y consumed, given Px, Py and I (income).3. Find whether good X and good Y are inferior or normal.4. Can you say whether X & Y are substitutes or complements? Explain.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
An increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
Imagine that you were the president of an emerging country that is trying to reduce the number of its imports
Study by the National Park Service revealed that 50 percent of vacationers going to the Rocky Mountain region visited Yellowstone Park, 40 percent visit the Tetons, and 35 percent visit both.
The United Nation's Department of Economic and Social Affairs, Population Division, tracks the total number of foreign-born people by nation.
Relative to Tom, does Dick require more bananas, less bananas, or the same number of bananas to give away an apple.
The Australian government administers two programs that affect the market for cigarettes
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Dependency theory characterizes countries as being either in the center or on the periphery
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Determine the quantity demanded, the quantity supplied, and the magnitude
Assume that the returns of these stocks are independent of each other. Find the mean and standard deviation of the total amount that this investor earns in one year from these four investments.
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