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Consider a pure exchange economy with two consumers and two goods. At some given Pareto efficient allocation it is known that both consumers are consuming both goods and that consumer A has a marginal rate of substitution between the two goods of 2.
What is consumer B’s marginal rate of substitution between these two goods?
Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X*Y UB(X,Y) = 2X + Y The initial endowments are: A: X = 4; Y = 2 B: X = 4; Y = 6. What is the marginal rate of substitution for consumer A at the..
Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 price in two years. She deposits $5,000 into a savings account now and will make monthly deposits for the next two years. If the savings account pays ..
Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta, Georgia, metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Does..
In October 2011, Apple introduced the iPhone 4S, which had new features, including camera and voice control, but sold at the same price as the previous iPhone model. How did the introduction of the iPhone 4S affect the Consumer Price Index? What fact..
Suppose that four 85-octane gasoline pumps and three 89-octane gasoline pumps provide as much profit at a local convinience store in five days as three 85-octane pumps and five 89-octane pumps provide in four days. Which gasoline pump produces greate..
Explain the benefits of a market economy. What is to be produced? How are the goods to be produced? For whom are the goods produced?
An American is considering relocating their Oregon facility to Nicaragua. The current exchange rate is 1 U.S. dollar (USD) to 25 Nicaragua Cordobas (NIO). The current wage rate in Nicaragua is 200 NIO per hour, and the U.S. wage rate is $15/hr. If th..
________ refers to the additional revenue gained from selling one more unit.
You are the general manager of the Red Dog mine, which is the sole operator in Alaska selling copper. You have a maximum of S =1,000 tons available to sell this year and next year, and the demand for copper will be constant at p = 1000-q each year, D..
Suppose that every additional 6.0 percentage points in the investment rate (I ÷ GDP) boost economic growth by 1 percentage point. Assume also that all investment must be financed with consumer saving. By how much must consumption decline for this to ..
Do you think the government, using both fiscal policy and monetary policy, faces any trade-offs in trying to control for inflation vs. unemployment. What do you believe is more of a problem towards long-term economic growth: persistent inflation or u..
You do not need plot the following curves precisely, and just show what they generally look like. Plot in one graph the total cost curves for constant, increasing, and decreasing return to scale. Plot in one graph the average cost curves for constant..
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