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A consumer receives income y in the current period, income y' in the future period and pays taxes of t and t' in the current and future periods, respectively. The consuer can borrow and lend at the real interest rate r. This consumer faces a constraint on how much he or she can borrow, much like the credit limit typically places on a credit card account. That is, the consumer cannot borrow more than x, where x< we - y + t, with we denoting lifetime wealth. Use diagrams to determine the effects on the consumer's current consumption, future consumption, and savings of a change in x, and explain your results.
Why is wage labor completely incompatible with feudalism?Is economic life distinctly separate from social and political life?Describe what Smith meant by the "invisible hand". What is the mechanism by which selfish interests are made compatible with-..
The average total cost of a monopolistic firm is AT C = 80/Q + 20Q. The firm is facing the demand function given by P = 6000 − 20Q. a) What will be the total profit that this firm will generate if it chooses price and quantity optimally?(Profit=22492..
When patent protection expires for a pharmaceutical company, it forces changes within the company to adjust its business strategies from a monopolist position to a position that is much more competitive. What happens to the average total cost curve f..
Define Monetary Policy and its purpose. What factors led to the mortgage default crisis and ultimately the Housing Crisis? How did mortgage defaults affect banks involved in mortgage lending and mortgage investing?
If interest paid on the account was compounded annually, explain how much interest on interest was earned.
The International Parcel Service has installed a new radio frequency identification system to help reduce the number of packages that are incorrectly delivered. What is the FW of this investment? b) What is the IRR of the system? c) What is the disco..
Maintenance expenses for a bridge on the Ohio river are estimated to be $20000 per year for the first 8 years, followed by two separate $100000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i=6% per year, what is th..
Review the market segmentation variables that include demographic, psychographic, behavioral, and geographic criteria. When looking at these criteria, remember these variables will enable marketers to more clearly identify their target market. Think ..
Ohm Control Systems is a large manufacturer of control systems for the electrical power generation and distribution industry. Over the past few years, Ohm has watched overseas competitors take away market share with products that are priced lower and..
Diminishing marginal utility means that, The "invisible hand" described by Adam Smith refers to the
Assume that the demand for chalk is = 8 0.1, where is the market price and is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2. Cons..
Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
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