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1. Describe each of the four properties of indifference curves.
2. describe and explain the budge constraint. How does a consumer maximize utility under a given budget constratin? How do consumers know if they are not maximizing utility?
3. Explain what is meant by "asymmetric info" Identify and explain the two basic types of problems that arise when their is assymetric info.
4. Explain the condorcet Paradox, the failure of majority rule to produce transitive preferences for society. Explain arrows impossibility theorem. What does this say about societies choice?
5. When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Everyone's Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented ..
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
Industry structure is often measured through calculating the Four-Firm Concentration Ratio. Assume you've an industry with 20 firms and the CR is 30%. How would you describe this industry?
When the price of a good is $5, the quantity demanded is 100 units per month; when the price is $7, the quantity demanded is 80 units per month. What is the price elasticity of demand, using the midpoint method?
A firm’s costs are 500 when output is 100. If the TC function is linear and fixed cost (FC) are 200, find the marginal cost when Q = 4, 5 and 6.
complete the following tablenumber of workerstotal outputtotal productmarginal product of laboraverage product of
a clean water project in developing country would a?ect the health of a village of 500 people 100 children 300 workers
1. Why is there such a difference in Asia's share of global real GDP, depending on whether the computation uses purchasing power parties or exchange rates 2. Why is Asia's "economic size" so much smaller on a per capita basis than on an a..
Some economists have argued that if the government wishes to subsidize health care, it should instead provide predetermined sums of payments (based on the type of health care problems experienced) directly to patients, who then would be free to ch..
questionsouth korea is one of major beef importing countries. with no international trade koreas equilibrium price for
The benefits of free trade are something that most economists are willing to recognize. And yet the question of optimal trade policy can be actually quite complicated. How do the readings in this group reveal this complexity.
With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bridget the same level of utility as the bundle (10,5). Do the same for Erin on a separate graph.
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