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An economy consists of 100 households. The first 30 households (group A) have $30,000 of income each in period 1, and $50,000 of income each in period 2. The second 70 households (group B) have $40,000 of income each in period 1, and $20,000 of income each in period 2. What is the present value of income from both periods from a household in group B?
A number macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in the..
Analysis of Viet Nam economy's GDP composition and growth over time, as well as an investigation of Viet Nam's basis for income generation and any and all constraints to growth.
A new six-speed automatic transmission for automobiles offers an estimated 3% improvement in fuel economy compared to traditional four speed transmissions in front-wheel drive cars. If a four-speed transmission car averages 31 miles per gallon and ga..
Explain why if there is no formal or informal collusion in an oligopoly market firms are more likely to match a price cut by an individual firm than they are to match a price increase? If firms in an oligopoly do indeed behave in this way (matching..
Utilize this expression to derive the potential bounds for the income elasticity of other goods.
Explain how much is the dollar overvalued/undervalued. What do you predict the U.S. real exchange rate with the United Kingdom will be in one year's time.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
If the price above the equilibrium level, would you predict excess supply or excess demand? If the price is below the equilibrium level, would you predict a shortage or a surplus? Why?
John has the utility function U = Min{x,y}. The price of x is 1, the price of y is 1, and his income is 50. a) Find John’s optimal bundle. b) Suppose now there is a discount for the first 20 units of x John buys such that px=0.5 for those first 20 un..
What are the three most important attributes of successful organizations? Why? Is it more likely for an organization to display these attributes (to be successful) in an oligopoly than in monopolistic competition? Why or why not?
Today more workers in the US are members of lavor unions than any time in our history. Today labor unions are weaker than anytime in the last 100 years. No major labor union has called a strike since the 1940s.
Consider Bertrand competition with homogeneous products. Two firms, 1 and 2, produce an identical product and compete by choosing price. Consumers buy from the firm with the lower price. If the prices are identical, however, assume all consumers buy ..
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