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Arthur spends his income on pie and whipped cream. He views pie as a good but is neutral about cream, in that he doesn’t care if he consumes it or not. Sofia, on the other hand, will consume pie only with whipped cream. Show Arthur and Sofia’s preference maps. What are their views on the two goods. ii. (1) Using diagrams and appropriate assumptions, explain why two indifference curves cannot intersect. b. Calculate the MRS of the following utility functions. Are they diminishing? Explain.
show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
The US hegemonic status has been a subject of heated debate, especially after the 2008 financial crisis. In your opinion, will the U.S. lose its hegemonic status? If so, which country is likely to replace the U.S. to become the next hegemony?
Explain why, for a perfectly competitive market, long run equilibrium implies zero economic profits. and Does this mean zero accounting profits? Explain.
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. Explain what impact do you suppose farm subsidies are likely to have on the following?
q1. business is booming at a local fast food restaurant. it is contemplating adding a new grill and machine of french
Due to the global economic slowdown, we were benefiting from relatively low oil prices.
Some economists and policymakers argue in favor of replacing the current income tax in the USA with consumption tax. What are your opinions on the issue? How do think such change impacts your income and expenditure pattern? Which tax methods do you p..
Why might a multinational corporation with identical plants in different countries pay different wage rates to workers in the two different countries even though their skill levels are the same? Does this strike you as unjust? Why might the higher-pa..
Suppose also that ham and cheese are the only goods that this person buys and that bread is free.
What is the discount rate in the banking system? Explain how the Fed manipulates this rate to achieve macroeconomic objectives.
Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the same value for GDP? Explain why real GDP is a more reliable estimate of economic growth than nominal GDP.
Which of the following is found in the Eighth Amendment to the U.S. Constitution?
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