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Q1. For m>p2, the demand functions for good 1 and 2 are given by the equations, x1=(m/p2)-1 and x2=p1/p2, where m is income and p1 and p2 are prices. Let the horizontal axis represent the quantity of good 1. Let p1=1 and p2=2. Then for m>2, what is the income offer curve?
Q2. Consider a small economy in which consumers buy only two goods: pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years, what we assume.
How is power distributed in the U.S. political system? How does the U.S. political system reflect the distribution of power? List and discuss six ways in which urban planning can be political in nature. With references.
Distinguish between the resources market and the product market in the circular flow model.
Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25 using this exponential smoothing method, what is forecast for Whopper sandwich demand for Friday.
Why are trade negotiations usually mercantilist, ie, why does country A agree to reduce its trade barriers in exchange for country B also agreeing to lower trade barriers, when economic theory says that both A and B benefit
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Compute how many acres, hectares each person wold occupy if all U.S. residents.
During tough economic shocks in our economy, you will find that the government is needed to get involved. How do you think the government can help improve market outcomes?
Support your answer with data on the real GDP growth rate, the unemployment rate, and the CPI inflation rate. You may obtain these data from the Bureau of Economic Analysis website
If the seller cannot discriminate, but must charge the same price p1 = p2 = p to each group, what will be her profit-maximizing price? Which, if any, consumer group benefits from price discrimination?
What effect would each of the following have on aggregate demand or aggregate supply
The best use of scarce resources paid for at the minimum level of cost to consumers and businesses
What do you conclude about relationship between change in sugar price and change in candy price. Might this knowledge lead to improved forecasts.
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