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Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 8 units of good Y. Consumer B is given an initial endowment of 3 units of good X and 4 units of good Y.Consumer A’s utility function is given by: UA(X,Y) = X4*Y,And consumer B’s utility function is given by UB(X,Y) = X*Y.Therefore, consumer A’s marginal utilities for each good are given by:MUX = 4X3YMUY = X4Also, consumer B’s marginal utilities for each good are given by:MUX = YMUY = XSuppose the price of good Y is equal to one. Calculate the price of good X that will lead to a competitive equilibrium.
Suppose that there are two commodities and a consumer prefers more to less of each good. If the consumer has transitive preferences, can her indifference curves cross?
Pete and Paul live in an exchange economy (so we can use the Edge worth-box). The economy has endowment of 10 cheese slices and 10 crackers. Is Pete consuming 3 crackers and 5 cheeses slices a Pareto-optimal allocation? If not, how could you rearrang..
Compute the equilibrium level of income for the open economy aggregate expenditure model.
Constructive Eviction and the Implied Warranty of Habitability
Demand-Supply Analysis and the American Revolution a. Before the American Revolution, the British government required that all imports to the colonies from outside the British Empire were first shipped to England (part of the Navigation Acts). A Bost..
AMS recently instituted an in-house recycling program. The benefits of this program include not only the benefits to the environment of recycling but also the goodwill generated by AMS’s leadership in this area. What level of Q maximizes net benefits..
Measuring performance: If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment:
How companies and countries are becoming specialised in certain industries to compete and expand their businesses. Compare Australia with any other two countries
What is grouping ambiguity? If a claim is made by a disinterested party, we know that. What is the meaning of the rhetorical device called a stereotype?
how must you consider the issues regarding diminishing marginal returns and economies of scale.
The market supply curve for rubber erasers is given by Q_S=1+2P, where quantity is measured in thousands. The demand for rubber erasers can be segmented into two components. The first component is the demand for rubber erasers by art students. Derive..
Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate betwe..
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