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Are the following statements true, false, or uncertain? Explain your answer in 5 lines or less.
According to the rational choice model, cash grants are preferred to food stamps because A. They enhance consumer choice B. Cash grants allow consumers to reach lower indifference curves C. Food is the most essential commodity D. Food would be cheape..
z is the marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. What is the marginal utility per dollar? What is best way to allocate the expenditure of the $40?
q.clarify the two different sources of earnings differences in the labor market. then separately for differences by
For each of the following utility functions, calculate (or figure out) the MRS and sketch out an indifference curve for U=4, plotting at least 2 points on each curve, and explain whether the preferences violate the diminishing MRS or convexity of ind..
Illustrate what is the theoretical differences between ordinary demand functions and compensated demand functions.
Output per worker yt = 4kt 1/3, the saving rate is 30 percent, and the depreciation rate is 13.3 percent. Calculate the steady-state values of capital per worker and consumption per worker.
Horizon Wireless must rebuild a cell tower recently destroyed by a tornado. If made of normal steel, the tower will cost $40,000 to construct and should last 18 years. Maintenance will cost $1,000 per year. If corrosion resistant steel is used, the t..
What occurs in the labor market when the prevailing wage (price) exceeds the equilibrium wage (price)?
An increase in expected future income will
Start with your factors of production on page 34 and then briefly describe whether these resources were allocated efficiently. Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are yo..
Illustrate what matters is not the absolute abundance of factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.
Assume an economy is closed. According to classical economic theory, explain what will be the long-run effects of the increase in government purchases of the late 2000s. You need to present and discuss a formal model in detail for this question and t..
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