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Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA = X2Y UB = X*Y Therefore:
The initial endowments are: A: X = 80; Y = 14 B: X = 70; Y = 6 b) How much of each good does each consumer demand in equilibrium? Consumer A's Demand for X: Consumer A's Demand for Y: Consumer B's demand for X: Consumer B's demand for Y: d)Illustrate the situation in an Edgeworth Box. Be sure to label your box carefully and accurately. Identify the initial endowment and label it W. Identify the competitive equilibrium and label it D. Draw the budget constraint that each consumer faces and identify the values where it intercepts the perimeter of the Edgeworth Box (there are two different intercepts to identify).
create an overall index of resource reliance by adding together energy depletion forest depletion and mineral depletion
Sometimes market activities (production, buying and selling) have unintended positive or negative effects outside the market's scope. TI know that is an externality.
Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
1. discuss the assumptions that underlie the classical and administrative decision making models. which model more
When trying to reduce the degree of inefficiency from an open-access fishery, would a regulation that increases the marginal cost of fishing effort by banning certain types of gear or a tax on effort be equally efficient.
suppose you are a painter and the price of a gallon of paint increases from 3.00 a gallon to 3.50 a gallon. your usage
Two countries, Sportsland and Foodland, have similar total quantities of labor, capital, and natural resources. Both can produce two goods, figs and footballs. Sportsland’s resources are particularly well suited to the production
Broadly state the objectives of monetary policy as set by the US Federal Reserve? How different are the Feds policy in this regards from those of the Bank of Canada?
The inverse market demand curve for paper is given by P=400-2Q. There are two firms who produce fax paper. Each firm has unit cost of production equal to c=40, and they compete in the market quan-tities. That is, they can choose any quantity t..
statistician at the learning computer co has estimated the following production function for the semiconductors.q l 0.1
historically investors have considered gold commodities to be a good investment to preserve wealth in times of
question 1income statement for sizzling foods inc. is shown belownbspnbspnbsp2011nbsprevenuesrevenue from sales of
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