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Suppose both Smith and Jones utility functions of U(X,Y) = XY1/2. Smith is endowed with (X, Y) = (9,25) and Jones is endowed with (X, Y) = (25,9).
Draw an Edgeworth box with indifference curves through this endowment.
At what combinations of X and Y are both better off (i.e., are Pareto Improving)?
At what combinations of X and Y are there no more gains from trade (i.e., are Pareto Efficient)?
If they agreed on a price of one X for one Y, would they be better off?
A firm has fixed cost of 2,000.Its short-run production function is y+4X and one-half, where x is the amount of variable factor it uses. The price of the variable factor is $3,000 per unit. Illustrate where y is the amount of output the short-run..
Illustrate what would neoclassical economists and new dissidents have to say about former Bush Administration's efforts to push forth a Free Trade of Americas with our South American, Central American and North American neighbours.
discuss several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
Describe which market participants you believe benefited from the final court decision and whose interests were harmed.
What is the marginal rate of technical substitution of labor for capital at any point along an isoquant?
Illustrate what is james price of producing potatoes what is james opportunity cost of producing chickens which person has an absolute advantage in which activities which person has a comparative.
explain increase in quantity of defense goods when there is an increase in marginal benefit.
How much control might an organization have over pricing based on a product's elasticity. Discuss which of elasticity rules you used to determine your answer.
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
illustrate what is the largest cardholder fee that Tuan will pay. the long run a perfectly competitive firm experiences economic profit and new firms will enter the market.
The zinc also copper monopolists every set a price, believing that the other monopolist will not change its price. Conclude the equilibrium price of brass.
Explain why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model.
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