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A small economy has only two consumers, Harold and Irene. Harold's utility function is U(x, y) x+ 50y^1/2. Irene's utility function is U(x, y) x+ 5y. Harold is endowed with 500 units of x and 60 units of y. They make trades to reach a Pareto optimal allocation of resources in which both persons consume positive amounts. How much y does Harold consume?
A political campaign manager must decide whether to emphasize television advertisements or letters to potential voters in a reelection campaign.
Explain factors that weaken the case for the public sector action such as: the special interest, the shortsightness effect, rent seeking, and weak incentives for operational efficiency.
What takes place to a firm in monopolistic competition when it increases its price? How is this different from a firm engaged in perfect competition?
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information: Qd=700-2p Qs=100+4p Calculate the magnitude of deadweight loss form the price ceiling. Find a price floor that will result in the same magni..
Here are five values for different types of elasticity. (The numbers have been calculated for each case/market using the elasticity methods from your textbook).
A firm employs 8 units of the variable resource. at this level of employment, average product is 2, and average variable cost is $4. Explain how much output is the frim producing.
A business in a monopolistically competitive industry...
When moving up along the production function, the marginal product of capital will:
You can take either side but make sure to substantiate your thought with references.
In tight housing markets rent controls are often applied to hold price of housing to a reasonable level. How does this policy affect the relative gains of tenants and landlords and the allocative function of prices— (answers) it prevents landlords fr..
q. suppose the inverse demand function for an industry is p 9 - q20. the cost function for the industry is c 10 10q
Discuss the probable justification for each of the following aspects of the tax law
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