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2- Suppose consumer has to choose between the composite good Y (PY=$1 /unit) and gasoline, G. Assume the consumer utility function is: U (G, Y) = and his income is $210/mo.
a. If originally PG=$1.50 /gallon, how much gasoline the consumer is going to consume?
b. The government imposes a tax of $0.50 /gallon on gasoline. Assume all the burden of taxation is borne by the consumers. How much gasoline the consumer is going to consume after taxation?
c. Suppose after taxation that the consumer is given a payroll tax rebate that happens to be exactly equal to the amount of gasoline tax he pays. Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of rebate?
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
Bank of Maryland is concerned about the potential for losses as it has been advised that the spot rate in 60 days can vary
An equal number of consumers who have a willingness to pay of $119 are allowed to buy the good at a price of $99. How will consumer surplus be affected.
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles.
Representatives were to logroll (trade votes) to get their preferred policy to pass, what would be the result. What are the total benefits from each project.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
Demonstrate and explain the full process illustrate what happens when the central bank increases their long run target for inflation.
Illustrate graphically the equilibrium of such a monopolistic firm.
A group of 20 doctors are considering forming a new medical group also has asked you to prepare a report on whether they should build a facility in an area.
What are the percentage rise in the price of food also in the price of clothing. What is the percentage rise in the CPI.
Compare the effects of these two policies in terms of their implications for the current account.
The Federal Reserve Bank of St. Louis maintains a Web page devoted to international economic trends.
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