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Suppose David buys cheese (X) and fruit (Y) with his income of $48 per week. Suppose the price of cheese has recently risen from $4 to $6 per pounds, while the price of fruit has fallen from $8 to $6 per pound. Before the price changes, David had been buying 4 lb. of cheese and 4 lb. of fruit each week. Since the price changes, he has been buying 2 lb. of cheese and 6 lb. of fruit weekly. Assuming David’s preferences have not changed, is it possible to say whether the price changes have made him better off or worse off? Use an indifference curve-budget line analysis to explain your answer.
Over lunch the person managing your firm’s fixed-rate bond portfolio mentions that they are not worried about what the Fed does with rates because of a swap trade they executed that morning. Briefly describe the risk they faced before the swap trade, the swap they entered into, and why the swap makes them indifferent to the action of the Fed.
The city council of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the annual market clearing rent for a two bedroom apartment has been $700 per month and that rents were expected to increase to $90..
Consider the general equilibrium model on local public goods that we discussed in class. We found that the optimal population size
What is a dominant strategy in game theory? replace the entry in the first row and second column with (125, -50). Does A have a dominant strategy? Does B? What is the solution to this game? Suppose that a hospital has the ability to be a perfect pric..
Explain the difference between a price setter and a price taker. Can most providers be classified strictly as price setters or price takers? What would happen financially to a healthcare organization over time if its prices were set at either full co..
what will be the value of the lost revenue after a 3-year period at an interest rate of 11.940397% per year, compounded continuously?
Which statement most accurately captures the state of money today?
Suppose you borrow $6,000 in student loans at a 5 percent annual interest rate in 2013. How much will you owe after 10 years of accumulating debt? If inflation is 6 percent per year over this period, how much will you owe after 10 years in real 2013 ..
If the economy is experiencing a large recessionary gap, what dicretionary policy might the government use to get the economy out of the output gap?
Use only IMF or World Bank data for international comparisons. What is U.S. nominal GDP at the end of 2014 (4th quarter)? What is U.S. real GDP at the end of 2014 (4th quarter)? What is the base year used in calculating U.S. real GDP? Since 1998, in ..
An electric utility is considering upgrading its facilities to cut consumer costs. Currently these consumer costs total $350,000 per year. Transformer upgrade Y would have an initial cost of $750,000, would last for 20 years with no salvage value, wo..
Find a single price that all mutually preferred trades can occur. What are the gains from trade? Now suppose a $1.50 per-unit tax is levied on Larry for each unit sold (that raises MC by $1.50). Now find all mutually preferred trades and the trading ..
Theoretically, if there is free trade, exports will tend to equal imports through adjustments in the currency exchange rates. Demonstrate this adjustment process graphically and verbally.
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