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Victor Finick likes to have the same amount of x as he has of y. His utility function is U(x, y) = min{2x- y, 2y- x}. a. Draw the indifference curve for Victor that passes through the bundle (0, 0) and the indifference curve that passes through (4, 4). (Hint: Each indifference curve is the intersection of two line segments.) b. Does Victor always prefer more of either good to less?
At a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each day i..
The World Trade Organization is also known as the International Monetary Fund (IMF). is also known as NAFTA. was established to resolve disputes arising under world trade rules. enhances world trade by providing interest rate subsidies to foreign ..
An agreement reached with the labour union in which wage increases are tied to productivity increases
Elucidate how an increase in your nominal income and a decrease in your real income might occur simultaneously.
Assess the possibility for the euro to become another global currency rivaling the U.S. dollar. If the euro really becomes a global currency, what impact will it have on the U.S. dollar and the world economy?
Suppose a perfectly competitive firm produces output at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant for all units of output, how will the firm organize it's production to maximize pro..
As all points on a contract curve are efficient, they are all equally desirable from a social point of view.
Elucidate the differences in unemployment rates among the United States and Western European countries.
Describe free trade harm the environment. Environmentalists argue that trade liberalization harms the environment.
Alexander is involved in a dispute related to his business. Alexander is considering legal action. Why may it be financially advantageous to alexander's business to avoid litigation and mediate the case
World Class Manufacturing Operations has enjoyed rapid increase in sales & high operating profits. But now the firm faces potentially fierce competition from a large number of competitors as WCMO's important basic patents expire during the coming yea..
Illustrate what conclusions can you draw about this period by comparing this cycle to the previous business cycles. You may want to check the links to the two most recent Announcement Dates for further information.
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