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Suppose that there are two goods.
(1) Explain the differences of Marshallian, Hicksian, Slutsky demand curves. You can explain verbally or you can use the graphs.
(2) Suppose that the price of good 2 increases from the initial prices. Explain Slutsky substitution effect and Hicksian substitution effect in the graphs.
(3) Can you compare the slopes of Hicksian demand curve, Marshallian demand curve, and Slutsky demand curve at a point they intersect, if good 2 is a normal good? If so, what are the differences?
You deposit $3,000 in a savings account that earns 8% simple interest per year. How many years will it take to double your balance? If, instead, you deposit the $3,000 in another savings account that earns 7% interest compounded yearly, how many year..
q.consider the application of the demand-revealing process to land assembly that we discussed in class. we defined d as
Suppose Alan’s preferences are described by the utility function: Find the equation for Alan’s indifference curve through the bundle (3, 6).
There are two gravel suppliers in the Davis area, Hibbert (H) and Davis Lumber (D). They are engaged in Cournot competition, and face the same inverse demand curve for gravel, given by P = 60 - 5Q, where P is in dollars per cubic yard (yard, for shor..
Market power and externalities are examples of market failures. Taxes on labor tend to encourage second earners to stay at home rather than work in the labor force. Taxes cause deadweight losses because they prevent buyers and sellers from realizing ..
An industry which generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
Grade survival rates estimate:
Draw the average and marginal revenue curves and the average and marginal cost curves. What are the monopolist’s prot-maximizing price and quantity? What is the resulting prot? Calculate the firm’s degree of monopoly power using the Lerner index.
Illustrate what is unusual about this market. Give an example of a good or service to might be characterized by this unusual market attribute.
how resource growth and improvements in technology can allow a nation to increase its production of government goods and services while also increasing its output of private goods and services
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structure of the essayintroduction which topic 300 wordsbody- discuss the topic from your secondary research with
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