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Suppose Sally only purchases food and clothing, and her utility can be expressed as U = F _ C. Currently, food costs $5 per unit and clothing costs $2 per unit. Her income is $70.
What is her optimal bundle?
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
What is her marginal rate of substitution when L = 100 and she is on the budget line? What is her reservation wage? What is her optimal combination of C and L?
Draw a graph showing hte above situation. Include in that graph, the monopolist's cost curves, demand and marginal revenue curves and the price and quantities that are indicated by the situation described above.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
Why is capital relative scarce in low-income developing countries and relatively abundant in high income countries? In brief describe the capital market institutions in a developing country that you are familiar with.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
Describe the creation of money from excess reserves and multiple deposit expansion in banking system. How does the multiplier affect the supply of money?
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
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