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Previously, we have considered agents whose income is fixed independently of prices. For this problem, consider instead an agent whose income comes from selling his endowment omega, where omega_1 > 0 and omega_2 > 0. Suppose that originally prices are (p_1, p_2), and the agent demands more of good 1, and then the price of good 1 increases to p'_1 > p_1. Give an example where this price increase makes the agent worse off, and give a second example where this price increase makes the agent better off.
Suppose that it is well known that many children work in low-skill jobs in poor country “X.” If rich country “Y” buys goods from poor country “X,” then the increase in demand for their products is large enough to raise the wages of all low-skill work..
if the long run aggregated supply is drawn at an economy's natural rate of unemployment, how can any points on the short run aggregated supply lies to the right of long run aggregated supply?
What is the multiplier in this model? The d is suppose to be a little below the Y.
A company decides to offer an average annual raise of 8%, although the current inflation rate is 10%. Each engineering manager decides on the best way to distribute the salary increase to his/her staff. However, if everyone gets an increase of 8%, th..
The price elasticity of the demand for gasoline is - 0.02. The price elasticity of demand for gasoling at Joe's 66 station is -1.2. Explain what might account for the different elasticities.
Suppose you are a marketer for a US manufacturer of pet supplies. Two top executives have proposed expanding the company by opening retail stores and marketing pets on-site-- puppies, kittens, rabbits, birds, fish etc. What are potential benefits and..
Which of the following income streams will i choose if the interest raate is 50%:
What is the federal funds rate? Why is it a vital component of macroeconomics? How does the Federal Reserve influence the federal funds rate? Graphically illustrate the impact of an FOMC open market operation that aims to reduce the federal funds rat..
Amelia buys coffee for $1 per cup and tea for 50¢ per cup; every day she drinks 1 cup of coffee and 2 cups of tea. Bernard buys coffee for 50¢ per cup and tea for $1 per cup; every day he drinks 2 cups of coffee and 1 cup of tea. Can you determine wh..
In addition to the hard-drive-based Ipod, Apple produces a flash-based audio player. Its 512MB iPod Shuffle (which does not have a hard drive) sold for $99 in 2005. According to iSuppli, Apple's per unit cost of manufacturing the Shuffle was $45.37. ..
Students of Health Resources and Policy Analysis need a solid understanding of the "stakeholders" involved in modern medicine and health care delivery. Prepare your own list of the key stakeholders in U.S. health care as you see them. Describe your v..
Samson Industries purchased a new manufacturing system that has an estimated useful life of 17 years. The company anticipates annual operating costs will be $1483 and will increase by a uniform percentage of 4% per year. How much should the company d..
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