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Answer the following questions with a brief explanation (a couple of sentences is fine).
(a) Consider our two-person, two-good general equilibrium model with production.Explain why an allocation of resources with MRSA = MRSB > MRT would notbe efficient.
(b) Economists usually view utility as an ordinal concept (ie. we can't make interpersonalcomparisons of utility, and the utility numbers themselves are just "ranks"- not a measure of happiness). Can this viewpoint be maintained if we want totake social welfare functions seriously?
(c) If a good that costs $1 to produce is sold for $2, what is lost and who loses?
Prepare a 2-3 page report describing, comparing and/or contrasting the specific standards that apply to the authentication, dating and timing of physician orders, and make a recommendation as to what the policy for your hospital should be.
Discuss why is increasing per capital income necessary but not sufficient for broadly dipping poverty and improving human welfare?
create a realistic scenario that illustrates the aggregate-demand aggregate-supply model. in your scenario you should
Recession unemployment typically increases
fiscal policy refers to the changes in governments choices regarding the overall level of government spending and taxes
Advertising can inform buyers, but sellers must incur costs to advertise. If so, advertising can result in higher prices to consumers. Does this mean advertising is economically inefficient If not, explain how it can simultaneously create value an..
The demand for milk is given by Q=120,000-20,000P. a. What is the equilibrium quantity of milk if the market price is $3.00? b. What is the equilibrium quantity of milk if the market price drops to $2.90?
In the analyses below, when drawing your diagrams assume that students can choose among only two products on campus, namely tobacco and food.
Presume that the required reserve ratio is 8.0%. What is the simple money (deposit) multiplier? Round to two decimal places.
go to the federal reserves web site www.federalreserve.gov. under economic research and data link you will nd the data
Ambrose's utility is U(x lowercase 1, x lowercase 2= 4x^1/2 lowercase 1 + x lowercase 2. If the price of nuts (good 1) is $1, the price of berries (good 2) is $7, and his income is $238, how many units of nuts will Ambrose choose?
Suppose you are using risk-benefit analysis to evaluate a policy aimed at limiting the use of a pesticide applied to grain crops. Describe the risks and benefits that would have to be estimated to conduct this analysis properly.
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