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Consider the following utility function:
U(x, y) = xγ+ y γ, 0 < γ < 1
(a) Find the income and substitution effects.
If a bank has deposits totaling $200,000, and their reserve requirement is 10%, what is the total on their required reserves? If that bank had total reserves equaling $50,000, what are their excess reserves? What will banks likely do with their exces..
Suppose the average Social Security benefits in the nation are $14,000 per year. The number of Social Security pension recipients is currently 50 million. There are 150 million workers in the workforce this year and the average taxable wage per worke..
A tax is applied to the market in the amount of $32 per unit. With the tax, sellers now receive a price of $60 per unit sold. You will have to calculate the price paid by buyers - but you have enough information to do so. With the tax, 540 units are ..
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $50,000. One clinic has a volume of 7,200, and marginal costs of $50, and a market share of 2 percent. what are the total costs, revenues, and prof..
The Financial sector of the economy: US farmers and ranchers who do not export thier products:
Show the Income Consumption Curve for this consumer for income values M = 12, M = 24, and M = 36.
Two plans have been proposed for an express passenger train between Springfield and Kansas City. The plans are summarized in the table below. Costs and benefits are in millions of dollars. Assume a MARR of 10%. If neither plan is done, then there wou..
Suppose the American economy is in long-run equilibrium. Now assume that the Fed decides to sell government bonds to the public. What is the effect on the money supply? Use the diagram of market for money to show how the Fed’s action affects the fede..
The classical dichotomy and the neutrality of money The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Megan spends all of her money on comic books and beignet..
A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is $1,600,000. The property was purchased 5 years ago for $2,100,000. Accumulated depreciation allowances of $380,000 have been..
The purchase of government securities by the Fed from the public will begin a contraction in commercial bank lending. Provide an explanation. Define liquidity. Rank the following assets in order of their liquidity:
Differentiate between the treatment of S corporation distributions from corporations having no earnings and profits, and corporations having accumulated earnings and profits. Suggest the most significant reason for the difference in the treatment ..
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