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Suppose that in 1990, the price of bread was $2 per loaf and the price of milk was $1 per gallon. By 2000, the price of brad rises to $3 per loaf, and the price of milk rises to $2 per gallon. Assume that consumers have convex indifference curves, and that consumer incomes do not change over the time period. Further assume that both goods are normal. The government, concerned about the loss in consumer purchasing power, wished to subsidize consumers. Prove graphically and explain why it will be less expensive to give consumers enough money to restore their original level of utility than to allow them to purchase their original consumption bundle. Please give me the detail steps
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Illustrate what does this imply about the effectiveness of monetary and fiscal policy to reduce the unemployment rate.
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
Explain why this phenomenon may be a good thing, using the laws of supply and demand to explain your answer.
A reputable study finds that a new workplace safety regulation will reduce the rate of economic growth of real GDP. Is this an argument against implementing the new reform? Why or why not?
Suppose the returns on an asset are normally distributed. Suppose the historical average annual return for the asset was 5.8 percent and the standard deviation was 14.4 percent. What is the probability that your return on this asset will be less than..
12. mrs. smith is operating a firm in a competitive market. the market price is 6.50. at her profit-maximizing level of
A firm's expansion path represents labor and capital inputs that minimize the cost of production associated with each output level. If a firm uses only two factors of production, one of whose marginal product becomes negative when its use exceeds a c..
Suppose an economy produces three goods (rice, bananas, and strawberries). Draw its PPF assuming constant opportunity costs, then draw it with increasing opportunity costs.
Burling Water Cooperative currently contracts the removal of small amounts of hydrogen sulfide from its well water using manganese dioxide filtration prior to the addition of chlorine and fluoride. Assume payment is made at the end of each contract y..
Social Business Networking and E-Commerce. Select one of the social networking sites for business professionals listed in Insights and Additions box 3.2 in Chapter 3 of your text. Discuss why you believe it has been successful in creating community. ..
From 1982 to 1986 retail sales of furs in the U.S. rose from $0.4 billion to $1.9 billion. After this time, there was no additional growth until 1989 when sales increased slightly to $2 billion. Subsequently there was a plunge in fur sales which drop..
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