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This question deals with an economy in which the issue of production efficiency does not arise, perhaps because there is only one factor of production. The requirement that a Pareto optimal allocation be production efficient is then replaced with the simpler requirement that a combination of goods lying on the production possibility frontier be produced.Consider an economy inhabited by George and Harriet, whose utility functions are
The total quantities of ale and bread that can be produced by the economy are a and b, and they are constrained by the production function
There are infinitely many Pareto optimal allocations. In one of them, Harriet's utility is 8.
a) An allocation in this economy is described by a list of four variables. What are these variables?
b) What four equations describe the Pareto optimal allocation in which Harriet's utility is 8?
c) Find this Pareto optimal allocation.
Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP.
Automobile companies often provide a 3-year warranty on new vehicles. Consumers must pay for extended warranties beyond the manufacturer's warranty period. Suppose that a 5-year extended warranty is offered for your new vehicle at a price of $1,31..
Consumer surplus refers to the additional consumers who cannot obtain the goods they wish to purchase.
Refer again to the graph above, showing the market for hardcover dictionaries. What are the two types of change in this market that would lead the equilibrium price to rise?
Supposing that the majority of rice eaters are workers who live in cities, while rice is grown by many small farmers living in the countryside. Describe the likely effects of this policy on urban and rural well-being, and on well-being overall.
Find a 95% confidence interval for the difference in the proportions of units that meet the specification be- tween units with gold wire and those with aluminum wire.
Your company has purchased a large ne truck for over thr road use(asset class 0.26).it has s cost basis of $180,000.With additional options costing $15,000,the cost basis for depreciation purposes is $195,000.its ,MV at th end if five years is est..
The general Manager of an engineering firm wants to know whether a technical artist's experience influences the quality of his or her work. A random sample of 24 artists is selected and their years of work experience and quality rating(as assessed..
the equation of the supply curve is Ps=1+0.1*Qs and the equation for the demand curve is Pd=6-0.15*Qd. This results in an equilibrium price (Pe) of 3. This figure shows a regulated price (Pr) of 2, which results in the welfare loss triangle b + d,..
Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand.
If the cost of the fireworks display is divided equally among the citizens, will a majority vote be in favor of the display?
Are there other ways to structure a social security system that might alleviate some of the problems associated with this one? Explain.
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