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A consumer has utility function given by u(x_1, x_2) = Squarerootx_1x_2. Suppose the price of good 1 falls from $5 to $2. while the price of good 2 and the consumer's income remain constant at $10 and $100, respectively. Find the substitution, income, and total effects on the demand for good 1 after the price change.
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Assume you believe that income is a good proxy for ability to pay. Wha..
Economists say that excess capacity in monopolistically competitive markets is "the cost to society of variety." What is the cost that economists are talking about and why is this cost the result of having a variety of goods and services?
Sheryl spends all her leisure time and all her money on sailing. She doesn’t value leisure time if she can’t sail, and she can only sail if she has leisure time. Sailboat rentals cost $10 per hour, and Sheryl earns W per hour. How many hours will she..
In what situations will a court impose a strict liability standard instead of a negligence standard? Provide a real-world example of a strict liability case. Is imposing this standard fair? Are strict liability standards fair as a general rule?
Consider the market demand for a given good. If ED= -2.5 at the current market price, then a 1 percent decrease in price will result in a:
What factors determine the demand, say, for British pounds in foreign exchange markets? How are exchange rates determined under a flexible exchange rate system?
What profit do you expect that the firm will make in the first year? (iii) Do you expect this profit level to continue in subsequent years?
Consider the following conversation: Does the logic of the reader (G) make any sense, or does it violate economic reasoning?
A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the appliance from a vendor at $7 each or to produce them in-house. Determine the range of annual volume for which each of the alter..
U.S. policy to increase the miles per gallon (mpg) of new cars is to mandate an average mpg for cars sold by U.S. manufacturers. In many countries within the European Union, the policy is to tax gasoline so that the price per gallon at the pump is st..
Elucidate why the return to deficit spending since the turn of the century.
In what way (or ways) is the current Knowledge Revolution a child of the Industrial Revolution? Is this a new revolution or simply an extension of the 18th-century revolution? Given the history, is it perhaps more appropriate to call the current revo..
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