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Problem 1. In this problem, assume that u (x1; x2) = (x1^a)(x2^1-a) . (1) Find the consumerís Hicksian demand for each of the goods; in other words, Find the functions h*1 (p1; p2; v) and h*2 (p1; p2; v) that solve min p1x1 + p2x2 subject to (x1^a)(x2^1-a) >v
The Fed attempts to increase the money supply to stimulate the economy, but plants are operating at 65 percent of their capacities and businesses are pessimistic about the future.
Suppose the government sets a controlled price below the market clearing price for a commodity. Draw a diagram and use the idea of a maximum buying price to explain whether the total price paid by the buyers will end up lower or higher than before.
What is meant by the Consumption Possibilities of a country? How are Consumption Possibilities related to Production Possibilities in a closed economy? In an open economy?
Explain fully how a tax or subsidy affects the market. Explain how higher taxes do not necessarily raise more revenue as demonstrated by the Laffer curve.
q1. explain why the following situations would occur in terms of the factors that affect elasticity.a demand for
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
Describe the problem of “adverse selection” when health insurance is offered at a community rated premium? Define the term “community rated premium” as well. Is it possible to address the problem of adverse selection by increasing the premium level? ..
The state government collected all taxes due, but its tax revenues were equal to $40 million each year. What happened to the sales tax base between 2006 and 2007? What could account for this result?
Bundling helps the seller to increase profit by ________.
The following information is for the US economy in 1998: Find the US labor force, the number unemployed and the unemployment rate for 1998. Numbers are in millions. Hint: start with population and kick out all those not in the labor forces.
If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have. The long-run average-cost curve
Estimate the strength of your bargaining position for each option. Which of these would be the most advantageous.
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