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ECON 301 Intermediate Microeconomics
1. Fully explain the economic problem facing the consumer and the two steps used in solving the problem.
2. Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods to the consumer.
3. Assuming diminishing marginal utility, calculate Ted and Cindy's value of apples and cheese assuming that Ted's MRS =5/3 and Cindy's MRS=3/8. In addition, if the market price of apples were $2 and the market price of cheese was $3, describe how Ted's and Cindy's relative value of the goods would change.
4. Assuming that a consumer starts with a level of utility equal to U2, which is the maximum utility the individual can attain given her income of I2 and the relatives prices of x=Px1 and of y=Py1, graphically show the effects of a price increase of x using the indifference curve analysis. In addition, fully explain the concepts of compensating and equivalent variation and how they would be calculated in the above example.
It is 1932 and you are an economic advisor to President Roosevelt. what advice would you give the president in light of the economic problems facing the country?
Discuss the tradeoffs a policymaker faces in choosing between larger fines, longer prison sentences, and greater monitoring in deterring crime. Give at least two reasons discussed in class why deterring crime through longer prison sentences may no..
What are the major reasons a multinational corporation would engage in Foreign Direct Investment (FDI)? Explain the factors in Michael Porter's "Five Forces Model" which affect the capability of any firm in an industry to earn the profit.
What is the equation for the Marginal Social Cost curve? Use this to figureout what the socially optimal amount of widgets is. Is the socially optimal thesame amount as you found in part (a)?
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
Find the inverse demand curve. How much consumer surplus do consumers receive when Px=$35? How much consumer surplus do consumers receive when Px=$25? In general, to the level of consumer surplus as the price as the price of a good falls?
Pretend you are a neoclassical (free-market or environmental economist), new institutional (transaction cost or ecological), and instutional economist-from the perspective of the cost benefits of "going green" for major utilities (electricity, was..
How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry or in the lawn-c..
The Fed's decided to maintain its low interest-rate target in the face of a rightward shift of theAD curve in the late 1960s which led to an inflationary equilibrium. Discuss the short-run and long-run costs and benefits of the Fed's other two op..
Describe the factors that may cause economies and diseconomies of scale. Give an example of each. Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
How much more money does Debbie withdraw than Christy (Express your answer in dollars and cents to the nearest cent and do not include the dollar sign or any other characters or spaces except numbers, a decimal point or a negative sign in front if..
Jet Set Travel, Inc. (JTI) has been hugely successful in the distribution of stylish, comfortable shoes for travel. Please describe how non-value added costs can damage the company, it sales, it costs, and it's value chain
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