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Consider the following variant of the economy in Section 9.1. The utility of the individual indexed i = j is
where β ∈ (0, 1), and each individual has one unit of the good with the same index as his own.
(a) Define a competitive equilibrium for this economy.
(b) Characterize the set of competitive equilibria in this economy.
(c) Characterize the set of Pareto optima in this economy.
(d) Can all Pareto optima be decentralized without changing endowments? Can they be decentralized by redistributing endowments?
Assume that a monopolist considering to spend 500.000 usd on large campaign to promote the their products.The demand curves are defined by p = 150 - 3q, where q is the output-quantity in 1000-usd. By executing the campaign the firm expects the new de..
what would an LM curve look like in a Quantity Theory world where velocity is fixed and is not impacted by interest rates (that is, M=kPY) what do you think would drive interest rates in such an environment
A math test of 100 questions was given to a random sample of 20 freshman. Suppose that for the population of freshman the distribution of number of correct answers would be normal with a variance of 250. a) what is the probability that the sample v..
If player 1 moves right, player 1 receives $0 and player 2 receives $15. If both players move left, player 1 receives -$10 and player 2 receives $8. If player 1 moves left and player 2 moves right, player 1 receives $10 and player 2 receives $10.
you have $750,000 in an IRA (individual ritirement account) at the time you retire. You have the options of investing this money in two funds. Fund A pays 2.9% annually and fund B 7.9% annually. How should you divide your money between Fund A and ..
Suppose that you are a product manager in charge of planning production of three products in various countries around the world. The table below contains information on the income elasticity of the three products.
Fill out columns three and four of the table above (the marginal product of labor and the value of the marginal product of labor when the price of output equals $3 per mug).
In December, the price of Christmas trees rises and the quantity of trees sold rises. Is this a violation of the law of demand? Explain your answer.
Be sure to use at least three scholarly and current references to support your paper content. Your paper should consist of at least two pages and should be formatted to meet APA guidelines.
La Yin likes brownies (B) and chocolate bars (C) and is on the indifference curve: U(B,C) = B^2C. Consider the follwing bundles for La Yin. Bundle A B = 5, C = 10 Bundle B B= 3, C= 4 Bundle C B= 2, C= 9 Bundle D B= 5, C= 5
Auditors try to identify predictable relationships when using analytical procedures. Relationships involving transactions from which of the following accounts most likely would yield the most predictable evidence?
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
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