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Linus has the utility function U(x; y) = x + 3y. Draw the indierence curve that goes through point (3,3), and the indierence representing combinations that gives Linus a utility of 6. a) Describe the shape of these indierence curves.
b) If the price of x is 1 and the price of y is 2 and his income is 8, what bundle does Linus optimally choose?
c) If the price of x is 1 and the price of y is 4 and his income is 8, what bundle does Linus optimally choose?
True/False questions: The Durbin-Watson (DW) statistic is used to detect first order-serial correlation. Positive lag 1 residual autocorrelation is associated with DW values greater than 2. Autocorrelation exists when successive observations over tim..
Suppose the firm chooses this input combination. What is the firm's short run cost function? What are the firm's fixed costs? What are the firm's variable costs?
The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead.
Suppose the current price of oil is $120 per barrel. At its next meeting, OPEC decides to increase crude oil production by 10%. Assume that OPEC accounts for 40% of the world's supply of crude oil and no other nation changes its oil production during..
Illustrate what are the values of public saving,national saving and private saving.
The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the gl..
Consider an offshoring model in which Home’s high-skilled labor has a higher relative wage than Foreign’s high-skilled labor and in which the costs of capital and trade are uniform across production activities. Will Home’s offshored production activi..
her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound.
Draw a production possibilities curve between healthcare and all other goods. Insert a point in the drawing that illustrates an economy with an inefficient healthcare system. Insert two additional points that illustrate two efficient economies but tw..
If my preferences are such to I am indifferent among apples also mangoes but I prefer mangoes to cantaloupe then draw my highest indifference curve.
Illustrate what was the impact on the supply and demand of labor on one sector of the labor market. Explain the factors that affected labor demand and labor supply in the chosen historical example.
The actual multiplier effect in the U.S. economy is less than the multiplier effect in the text examples because: the real-world MPS is larger than the MPS in the examples.
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