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Consider an economy in which there are 50 people, who consume a private good (bread) and a public good (circuses). There are, however, two types of people (type 1 and type 2). Each type 1 person's marginal rate of substitution is
where z is the number of circuses. Each type 2 person's marginal rate of substitution is
There are 20 type 1 people and 30 type 2 people. The economy's marginal rate of transformation is
Find the optimal number of circuses.
Refer to Table 7-1. If the price of the product is $110, then who would be willing to purchase the product? Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?
Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive which she rents for $30 per month. Producing q gallons of honey in one month requires spending 5q dollar bees
However, India went much further, producing almost everything for itself, while Mexico continued to rely on imports of capital goods. Why do you think this difference may have emerged?
What interest rate would be needed on pound securities, such as government bonds, for you to be willing to buy those securities with your dollars today and then sell them in a year in exchange for dollars?
Construct a variation of this model along the lines of the semi-endogenous growth models of Section 13.3 in Chapter 13, where the strong scale effect is removed and there is long-run growth at a constant rate (when population grows at the rate n >..
What are the comparative risk considerations between the two?
The demand for an oligopoly is P=75-2Q. The firms have cost functions TC1 = 3q1+q TC2 = 18q2+q2² a. Determine the profit-maximizing output under collusion. b. Calculate the equilibrium price under collusion. c. Determine if the firms should collude .
an expenditure of $20000 is made to modifya material handling system.this modification will result 1st year saving of $2000,2nd year saving $4000 and a saving of $5000 per year thereafter.
Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 10Q+2Q^2. a. How much output should the firm produce in the short run
What is the probability of getting two reds and one blue in any order? c) What is the probability of getting three reds, given that the first marble is red? d) What is the probability of getting three primary colors (blue or red) given that the first..
An engineering freshman wants to purchase a laptop computer for use during the 4 ½ years that she plans to study engineering at Texas Tech.Assume that maintenance and supplies will cost $100 each six months . Use an interest rate of 12% per year wi..
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