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Norton and Ralph have a utility possibility frontier that is given by the following equation, UR + (UN)^2 = 100. (a) Plot the utilities possibilities frontier on a graph with UR on the vertical axis and UN on the horizontal axis. (b) Derive an equation for the slope of the utilities possibilities curve. (c) Both Ralph and Norton believe that the ideal allocation is given by maximizing an appropriate social welfare function. Ralph thinks that UR = 75, UN = 5 is the best distribution of welfare, and presents the maximization solution to a weighted-sum-of-the-utilities social welfare function that confirms this observation. What was Ralph’s social welfare function? (Hint: What is the slope of Ralph’s social welfare function?) (d) Norton, on the other hand, believes that UR = 19, UN = 9 is the best distribution of welfare. What is the social welfare function that Norton has in mind?
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
President John F. Kennedy proposed a tax cut in the early 1960s. He said, "It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise tax revenues in the long run is to cut tax rates now." ..
Consider an investor with preferences given by the utility function U = E(r) – 0.5Aσ2 and there are two portfolios with the following characteristics: Suppose that the investor has a level of risk aversion of A = 2. Which portfolio should the investo..
What are the major differences between corporate cause promotion and cause-related marketing? Explain the major differences between the two different initiatives.
Assume the price charged in market 2 was $10, what would be the price charged in market 1?
Suppose that after the wage goes up in the Northern state, workers lose their jobs in the North and decide to move to the Southern state. This increases the population there. Adjust the graph to show what happens to employment and the wage in this So..
Consider we did technological change in the class where it does contribute to one side of the production use that to understand the problem.
How would a law preventing landlords from charging above $900 give different results. What is such a price restriction called.
There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by. What is the efficient number of hours of public television? How much public television would a competitive private..
Desired consumption and investment are Cd = 4000 - 4000r + 0.20Y; Id = 2400 - 4000r. As usual, Y is output and r is the real interest rate. Government purchases, G, are 2000. Given the consumption function, what the value of the MPC? Given the saving..
Which of the following shifts the supply curve of rutabagas rightward? (A rutabaga is a potato-like vegetable.)
Why this statement is wrong: "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply of them was really low.
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