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Determine whether each statement below is TRUE or FALSE and explain your reasoning
1. An agent has preferences over two goods X1 and X2 Suppose preferences are complete, transitive and continuous. Suppose they are also monotone and strictly concave. That is, the MRS is strictly increasing in X1 along the indifference curve. The agent has income m and faces positive prices P1 and P2 The agent will choose to consume both goods.
2. A firm has two variable factors and a production function f(X1 X2)=( 2X1+4X2)^1/2. The technical rate of substitution between X1 and X2 is constant.
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
What happens to the profits of boat makers in the short run. What happens to the number of boat makers in the long run.
This problem asks you to evaluate the e?ects of trade versus integration in a HOS model. There are two goods, food and clothing. Food and Clothing are made using capital and labor. What is the relative price of clothing in the integrated economy? How..
The classical dichotomy and the neutrality of money The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Megan spends all of her money on comic books and beignet..
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Graph Bill’s budget constraint..
Explain which industries have substantially reduced fixed cost commitments. Reduction in costs has substantially impaired the ability.
Suppose the monopolistically competitive barber shop industry in a community is in long-run equilibrium, and that the typical price is $20 per haircut. Moreover, the population is rising. Draw a graph to show how the short-run effects of a change on ..
When one is conducting an ROR analysis of mutually exclusive service projects
Illustrate what type of organization has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization.
How is an open market bond purchase by the Fed expected to change bank reserves, bank lending, the money supply, interest rates, total spending, output, and employment (increase or decrease)?
If ethics is connected to our nature, as the last weeks have explored, some wonder whether or not that might mean distinct ethical virtues for distinct genders. Reacting to the suggestion of her colleague that women tend not to reach the detachment f..
Consider an infinitely repeated Cournot competition with N firms. The market demand is Q(p) = 14 – p. All firms have the same cost function TC(q) = 2q. The common discount factor of firms is δ
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