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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.
Over the past few decades, East Asian economies have increased their share of world GDP. Similarly, intra-East Asian trade-that is, trade among East Asians nations-has grown as a share of world trade. More than that, East Asian countries do an in..
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
The government is debating whether to spend $100 billion to reduce global warming damage 100 years from now on. It is estimated that $ 800 billion of damage will be averted. A critic of the expenditure says that it would be far better to take the ..
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected and calculate your answer in three ways
How does the resulting change in the slope of the aggregate demand curve help stabilize inflation when the economy is hit with a temporary negative supply shock?
the effect of new technology on consumers is that it makes life easier for society. Cell phones have become miniature computers that can do just about anything we want now. Our cell phone for the past few years have a lot more processing power tha..
What is residential segregation Give a historical perspective and recent trends as to how and why it is changing. What are some of the negative effects of residential segregation
Technological advance improves productivity in a purely competitive industry. This change will result in a shift: a.) down of the individual firm's MC curve, causing the market supply curve to shift to the left b.) down of the individual firm's MC cu..
Suppose households become more frugal so that there is a downward shift in the consumption function (decrease in autonomous consumption). Analyze the effects of this change in household behavior on real output, unemployment.
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Describe various revenue models available as video content shifts from atoms to bits. What are the advantages and disadvantages to each - for consumers, for studios, for middlemen like television networks and Netflix?
College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year
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