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Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20.
(a) How much of each good will he demand?
(b) A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay the same. How much of good x does he now demand?
(c) Would Edmund be as well off as he was before the tax if when the tax was imposed, his income rose by an amount equal to $1 times the answer to part (b)?
Supply and Demand in the Cell Phone Market.
Call P the unit price of each stamp and find out how many stamps and how many photocopies the firms purchase depending on the value of P.
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Profits for Firm 1 have risen from $256 to $288, while profits of Firm 2 have declined sharply from $256 to $144. B. How much will each firm produce and what will its profit be.
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Draw and show the change in the PPF when an outbreak of avian flu sickens millions of agricultural and industrial workers.
Which factors make the strongest impact on your personal labor productivity, or that of your closest family member, if you don't have a job? What actions can a person take to increase his or her labor productivity?
Which policy do you believe would be more effective in the short term for accomplishing these goals.
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