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Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
Explain why the budget line can be called "objective" but an indifference curve is called "subjective." Explain why, if a consumer is to be in equilibrium, the marginal rate of substitution of good X for good Y must equal the negative ratio of the pr..
Intra-industry trade may be associated with a smoother adjustment process than inter-industry trade because
Elucidate how do your previous answers change in the special case where money demand does not depend on the expected rate of inflation
Home Country: Given that the total market of the Home country is 900,000 units. Given the equations and parameter values above, solve for the equilibrium number of automobile companies, the number of cars each firm will produce, and the price of the ..
If the economy conducts expansionary fiscal and monetary policy, explain how this will influence the AD/AS model? Also, explain the implications of this type of policy on the overall economy using the model?
Of the following, three mean the same thing and one means something different. Which option does not mean the same thing as the other three in the context of the basic market model we reviewed in class (and that you learned about in principles of mic..
If the entry barrier is removed consumers will be better off because consumers will enjoy greater consumer surplus. Explain.
You promise to cut tax rates, increase transfers and government purchases, reduce the governments budget deficit and reduce the governments debt as a fraction of the gdp. If elected, is it possible for you to keep all of your campaign promises.
Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
You have been appointed head of university parking enforcement. Your mission is to eliminate illegal parking. Car drivers are completely rational expected utility maximizes. They have utility functions given by u=x(1/2) where x is $ of consumption on..
Assuming that factor markets are otherwise free and competitive, explain why the higher real wage would fail to increase the share of labor income in national income.
A farmer’s field grows 30 bushels of corn and 10 bushels of beans. The farmer can either consume these crops herself or trade them, with one bushel of beans being traded for one bushel of corn. Graph the farmer’s budget which is the possible combinat..
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