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Draw an Edgeworth box containing an endowment point and a budget line
a) Draw an indifference curve for George and an indifference curve for Harriet, both tangent to the budget line, such that George wants to buy ale, Harriet wants to sell ale, and George wants to buy more ale than Harriet wants to sell.
b) Draw two indifference curves, both tangent to the budget line, such that George and Harriet both want to buy ale.
c) Draw two indifference curves, both tangent to the budget line, such that the current price is market-clearing but no goods are traded.
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q=K^(1/2) L^(1/2)
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number of dresses per week and L is the number of labor hours per week.
A local video store estimates their average customer's demand per year is Q = 7 -2P, and knows the marginal cost of each rental is $0.5. How much should the store charge for each rental if it engages in optimal two part pricing
If coffee price declines by 2%, what is the expected percent change in consumer demand (assuming there are no other changes that would affect demand for coffee) What is the expected change in revenue derived from coffee sales
A golf course operator must decide the green fees (prices) to set on rounds of golf. Daily demand during the week is Pd=36-Qd/10, where Qd is the number of 18-hole rounds and Pd is the price per round.
Perform a Durbin-Wu-Hausman test to evaluate whether ASVABC appears to be subject to measurement error.
1. consider a cobb-douglas utiltiy function of the form u xyz xyz with three consumer goods x y and zset up the
Letter received by auditors directly from bank stating that no indebtedness on part of client existed as of the balance sheet date.
A competitive firm has a production function described as follows. "Weekly output is the square root of the minimum of the number of units of capital and the number of units of labor employed per week." Suppose that in the short run this firm must..
The financial market looks like the following. 1. People decide not to hold currency. 2. The required reserve ratio on deposits is 10 percent 3. The money demand function looks like Md = $Y*( 0.9 - 3*i ) 4. Nominal income is $5 Trillion 5. The Moneta..
What would be the provision of public good if the decision were taken by a majority vote, assuming that the cost is equally shared in the event of public good provision? Compare your answer with part b, and interpret the difference.
CRA CDs, Inc., wants the mean lengths of the "cuts" on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment. Assume the distribution of the length
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