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Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. The individual has the following utility function:
U(X,Y) = X(2+Y)
a) Find the Marshallian (uncompensated) demand for X and Y.
b) Find the Hicksian (compensated) demand for X and Y.
GDP is $14 trillion. government wishes to increase real gdp to 15 trillion. marginal propensity to consume (mpc) is 0.8, and every $1.00 increase in real government spending crowds out $0.50 in real planned investment expenditures
Determine which type of regulation is used for each of the a. Preventing a merger that the government believes would lessen competition b. The activities of the Food and Drug Administration c. Regulation of fares charged by a municipal bus company
Illustrate what is the tolal accounting cost. Illustrate what is the total economic cost. Elucidate why these are different in this way.
Next, consider the follwoing three scenarios and to describe the likely effects of an activist policy in both the short and long run.
Maximum Pension Fund is attempting to balance one of the bond portfolios under its management. The fund has identified three bonds that have five year maturities and trade at a yield to maturity of 9 percent
Suppose that an increase in the price of grapse from $1.20 to $1.40per pound raises the amount of grapes the grape farmers producefrom 1.2mil pounds to 1.6 mil pounds. Use the midpoint method, what would the elasticity of supply be?
Explain why fiscal policy will be either more or less effective in an economy with a large foreign sector.
Aggregate supply reflects billions of production decisions made through, consumers when they decide which products to buy.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
Compute the total cost of providing this insured service to the plan before and after the change in coverage.
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 - 4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF. a. What is the follower's reaction function
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
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