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(Edge worth box) Suppose Jimmy and Rita are in an exchange economy. Their endowments: apples and oranges. Suppose further that both Jimmy and Rita’s utility functions are concave in the two goods. Draw an Edge worth box for this exchange economy and see if the following statement is true or false:
If the initial allocation is that one party has all of endowment for one good and the two parties share the endowment of the other good (for example, Rita has all the oranges, and both Jimmy and Rita have some apples), then there is always room for Pareto improvement.
Goods and services sold in black markets, such as illegal0 drugs, are generally not included in GDP. Does this lead to misleading comparison between countries? Should these activities be included as a positive or negative in GDP?
If demand increases while supply decreases for a particular good,
John is a manager in the Gardening department at ABC Hardware. Last week the general manager was fired for incompetence. The chief executive officer appointed John to be the new general manager. Provide a written analysis of how John should tackle th..
congress decides to reduce our dependence on foreign oil by imposing a $.50 tax on each gallon of gasoline at the pump. Elucidate briefly what kind of supply and demand elasticity for gasoline must be present in the U.S. market, in order for this..
Converting data info to understand past and current performance is the core of descriptive analytics and is vital to making good business decisions. In the financial industry describe the details of a specific graphical representation of the distrubi..
When the government imposes a binding price ceiling on a competitive market, a shortage of the good arises, and sellers must ration the scarce goods among the large number of potential buyers.
Suppose the demand curve for a product is given as Q = 10 – 2P + Po where P is the price of the product, Po is the price of another good, and Q is the quantity demanded. Assume the price of the other good is $2.00. a. Suppose P = $1.00. What is the p..
Demand and supply of Apple iPhone and factors that affect the demand and supply sides of the market.
How disparate are returns if you win. As disparity increases => marginal benefit increases. Which of these two explanations is correct.
Oak entertainment is the only movie theater in a small town. The firm can screen movies at a constant average and marginal cost of AC = MC = 10. The firm faces a demand curve given by: Q = 85-0.5P. Calculate the firms profit maximizing price and outp..
Overhead at the water cooler the demand also cost estimate which were provided at the meeting are very useful.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Assume instead that the government had given the individual $100 in cash. Draw the new budget constrain..
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