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a) Suppose M=8, P1=4, P2=2. Graph the budget set for this consumer.
b) Define the opportunity cost of good 1 in terms of good 2.
c) Determine the opportunity cost of good 1 at the point where x1=1.
d) Does the opportunity cost of 1 change as we move along the budget line? Explain.
e) Now suppose that M=16, P1=2, P2=4.Graph the consumer\'s budget set in this case
f) Can we rank these budget sets in terms of which is better for the consumer? Explain.
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Answer whether the following statements are true or false, explaining your answer in each case.
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Describe the US household is harmful to the economy with the use of AS-AD diagrams.
Assume you own a home re-modelling company. You are currently earning short-run profits. The home re-modelling industry is an increasing-cost industry.
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
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