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For an individual who consumes two of the good X and Y, the marshallian demand function for X is flatter than the Hicskian demand function for X if X is a normal good.
Why is this false? Isn't it ALWAYS correct to say that for a normal good, Compensated demand curve is steeper than the Marshallian demand curve for a normal good.
What is the solution of the Solow model for consumption per person in the steady state, c ∗ = C ∗/L∗ ? How does each parameter in the solution affect c ∗ , and why?
Consider the production function q=4L^.3K^.8. In the short run, assume K=5. Derive formulas for Total Product, Average Product, and Marginal Product. Graph these three functions.
Why do sale of used goods do not add to income of a country in a particular year? If you think of income as the inflow in your bank account. All outflows are just expenditures. So I think of income as how much stuff can someone buy in a particulate y..
if they use a regulation should they allow for pollution permits? explain the benefits and detriments of each form of control. what would you recommend?
Suppose commercial banks have no excess reserves. Then new deposits totaling $1 billion come into the banking system. If the required reserve ratio is 20 percent, what is the maximum amount by which banks can increase deposits in the entire system?
Elasticity refers to the change of one variable because of a change in another. Price elasticity of Demand refers to the percentage change in demand of a good based on its percentage change in price. Changes in price and demand will affect total re..
Studies that consider the effects of immigrating from Mexico to the United States generally find that the big winners are the immigrants themselves. Explain this result in terms of the example in the question above. How might things change if the bor..
A labor economist wants to know the relationship between education (measured by years of schooling) and annual earnings (measured in $1000). A random sample of 222 workers revealed a correction coefficient of 0.88. Based on the coefficient, Among the..
Illustrate what will be the most likely new equilibrium price level and output.
Imagine the German parliament adopts a new law that forces landlords to give tenants six months notice before evicting them. Up to the reform standard apartments were rented for 500€ per month. Explain - verbally and graphically - the effect on the h..
The Newspaper reported that insurgents in Saudi Arabia had taken over a major oil refinery. What would you predict would happen to the average price and quantity exchanged in the market for gasoline in Saudi Arabia?
what is the derivative dQ/dP at P = $1? d) For each demand curve, what is the point elasticity dQ/dP at P = $1?
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