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Discussion Question: Explain two elastic and inelastic goods that you have recently purchased/not purchased when the price increased of those products. Please relate your answer to the market characteristics.
q. in class we discussed the idea that small farmers are sometimes price takers i.e. the price of wheat are set in the
Suppose that Ben has $90 to spend on two goods, movie (M) and hamburger (H). The price of a movie is $10 and the price of a hamburger is $2. Ben’s preferences are represented by the utility function: U(M, H) = M *H^2. What is Ben’s optimal choice bet..
Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.
Imagine the economy starts off at the steady state, with m=v=1 and b=1/2; additionally, suppose that the Fed's infaltion target (π-bar) is 1% and that the real federal fund rates (r-bar) is 1%. In period 1, political uncertainty causes a negative AD ..
Which of the following would be a deadweight loss from a tariff? select one the shift of consumer surplus to government the increase in producer surplus the decrease in consumer surplus
What is the externality associated with an individual driving on a congested highway? how do tolls help alleviate this externality? How should tools be set? (Hint: would you always want the toll to be the same all day?) The steel industry pollutes th..
What is the present worth of $500.00 in month 1, $510.00 in month 2, and amounts increasing by $10 per month through month 36, if the intrest rate is 15% per year compounded continuously?
q1. suppose that ike is loss averse. in the morning ikes stockbroker calls to tell him that he has gained 1000 on his
What were the strengths and weaknesses of the system of central planning in the Soviet Union? Was the decline of socialism in Eastern Europe the result of purely economic facture? What role was played y politics and culture?
Summarize Madison’s central arguments in Federalist Paper 10 and Federalist Paper 51. Summarize Henry’s central arguments in his speech against ratification of the Constitution. What do these excerpts reveal about each man’s assumptions about human n..
Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two goods, X and Y. The consumer has I=$60 to spend on the two goods, and good Y costs py=$2 per unit. The price of good x, px, is also exogenous..
Illustrate what advice would you offer Kyle also Chad when they are ready to present their business plan to a banker.
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