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Consider an exchange economy with two goods, good 1 and good 2, and two consumers, A and B. The preferences of the consumers can be described by a convex indifference curve. A’s initial endowment consists of 10 units of good 1 and 15 units of good 2, whereas B’s initial endowment consists of 20 units of good 1 and 5 units of good 2. Given the current price ratio p1/p2 , A would like to consume 15 units of good 1 and 10 units of good 2, whereas B would like to consume 12 units of good 1 and 15 units of good 2. Is the economy in equilibrium? If not, do you expect the equilibrium price ratio to be greater than the current price ratio? With the use of an appropriate diagram, explain your answer.
Nadine Chelesvig has patented her invention. She is offering a potential manufacturer two contracts for the exclusive right to manufacture and market her product. Plan A calls for an immediate single lump sum payment to her of $210,000. Plan B calls ..
According to the absorption approach, does it make any difference whether a nation's currency depreciates when the economy is operating in less than full capacity versus a full capacity?
explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost.
Suppose that you are evaluating the market for Kellogg's cereal. The prices of Post and General Mills cereals increase. What will happen to Kellogg's cereals?
Wooldridge Problem 4.6 In section 4.5, we used as an example testing the rationality of assessments of housing prices. There, we used a log-log model in price and assess [see equation (4.47)]. Here, we use a level-level formulation. i. In the simple ..
Let's talk about the debt ceiling. What have you heard about it? What does it mean? What was all the fuss about a few years ago? What about the government shutdown?
What do monopolistic competition, pure monopoly, and perfect competition have in common?
Draw the budget line on the Edgeworth box through the endowment point. What is the equilibrium allocation?
The shape of Canada’s production possibilities frontier (PPF) should reflect the fact that as Canada produces more trucks and fewer cars, the opportunity cost of producing each additional truck ______
Which of the following statements is NOT a null hypothesis? Jason wanted to study the affect of drinking on test performance. He assigned one group of people to have a beer before writing a test and another group to have a glass of water before writi..
Explain what would the cross-wage elasticity between teenagers and adults have a positive or negative sign.
the demand for Internet advertising was declining at the similar time which the number of Internet sites accepting advertising was increasing
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