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Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time.
The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant.
Assume that the government can observe the leisure that is consumed. It taxes leisure consumed at t per unit of leisure and returns the collected ‘revenue’ to the consumer.
Find the equilibrium consumption of steaks and leisure, and calculate the welfare loss (in terms of utility) of this tax. Explain your answer in words with reference to an appropriate diagram.
Elucidate how does consumer surplus after the discovery compare to Illustrate what would exist if the New Jersey oil were supplied competitively.
Determine the point price elasticity of demand for Tweetie Sweeties.Determine the advertising elasticity of demand.What interpretation would you give to the exponent of N?
Two students, Ryan Wattenberg and Emma Bennett, are discussing the idea of convergence over coffee. Ryan considers convergence to be true in theory but impractical in the real world. Most developed countries do not have similar resources endowments. ..
A monopolist has an inverse demand curve given by p(y)=12-y and marginal cost is 2y. What will be its profit-maximizing level of output? Suppose the government decides to put a tax on this monopolist so that for each unit it sells it has to pay the g..
Assume a hypothetical economy in which the velocity is constant at 2 and real GDP is always at a constant potential of $4,000. Suppose the money supply is $1,000 in the first year, $1,100 in the second year, $1,200 in the third year, and $1,300 in th..
Treasury bonds typically have lower coupon rates than corporate bonds because
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Suppose that U.S. government actively uses the fiscal policy to fight against recession and rising unemployment. To incorporate this behavior of government into the model, let’s assume that the government spending equation is given by where 0. Assume..
If a severe drought decreased labour productivity in Zambia, explain what will happen to each of the following.
A firm's marginal rate of return on investment curve shows the amount
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The top 25 most frequently used DRGs accounted for approximately _______ percent of all discharges under Medicare. When medical fee schedules are negotiated by two monopolists one representing patients and one representing providers the equilibrium m..
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