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Suppose that an individual has the following utility function U (x, y) = x^1/3 y^1/3, verify that this function satisfies the underlying properties (completeness, transitivity, more is preferred to less).
There are 1,000 individuals in the city of Lincoln wishing to sell their used cars. The value of a car, V, ranges between $0 and $3000. The distribution of values is such that the number of used cars is worth less than $V is V/3. The true value of th..
“This company is so unfair! They obviously don’t care about their customers. They __________!” complains Cindy Consumer. (the blank could be filled in with statements like: Explain to Cindy why economists think her complaints are naïve.
Derive the total supply function of X for the industry assuming that the industry operated under perfect competition.
You work for a nonprofit organization that promotes after-school tutoring for middle school children, and your coworker has asked you to help him determine the equation for the supply of tutoring in a particular neighborhood. He states that his resea..
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week. Show that the worker wil..
Suppose a (very small) country has a central bank who has issued 100m of money, where nominal output is 350m annually. How frequently is the average piece of money used? 2. Give two realistic occurrences that might drive changes in the velocity of mo..
What are the advantages and disadvantages of free trade for the United States? Be specific in giving examples of how free trade and off-shore manufacturing helps and/or hurts businesses, workers and consumers in the United States.
Discuss how the Fed affects interest rates-the process? In October of 2008, the Fed stepped in as lender of last resort, explain this action. The US Federal Reserve is asking people for their comments on what steps we would like to see in changes in ..
The FRS was established as an independent agency, removed from partisan politics by virtue of its ability to act without seeking presidential or legislative consent. Some argue this independence has the potential to result in rogue actions that may o..
Consider two mutually exclusive alternatives stated in year - 0 dollars. Both alternatives have a three - year life with no salvage value. Assume the inflation rate is 1.59 %, an income tax rate of 39 %, and straight - line depreciation. The MARR ..
If the demand elasticity is -2.42 and has a 10 percent decrease in price, what would happen to the quantity demanded. 1. decrease by 2.4 percent 2. increase by 24.2 percent 3. decrease by 24.2 percent 4. increase by 2.4 percent
The demand for a product is Qd = 100 - 4P +3Px and supply is Qs = 10 +2P, where Q is the quantity of the product in thousands of units, P is the price of the product, and Px is the price of another good. When Px = 40, the equilibrium price of the pro..
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