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QUESTION 1
(a) Assess majority voting as a means of revealing and aggregating preferences of households. What are the problems associated with the majority voting equilibrium
(b) Evaluate the relevance and implications of the First and Second Fundamental Theorems of Welfare Economics for social choices
QUESTION 2
(a) Evaluate the assumptions and conclusions of Arrow's Impossibility Theorem and provide an assessment of both the result and its implications for social decision making
(b) Assess the application of Kaldor's compensation principle in resolving Pareto non-comparability and explain how the principle differs from the Hick's compensation principle. Appraise the problems and objections that might arise with reliance on this Kaldor's compensation principle as a basis for social choices
Elucidate the significance and implications of various economic theories pertaining to profit, consumer choice, demand and supply, forecasting and optimization.
Explain how much is spent on bus rides. What is consumer surplus in dollars at this equilibrium. How much is the total benefit in dollars from bus rides.
The demand schedule (or demand function or curve) for a good shows the total quantities (Q) that buyers are willing and able to buy at various prices (P) in some period of time. For example, here is a demand function illustrating the very special ..
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q.
Many of the new residents have expressed concern at the amount of pollution (primarily particulate matter in the air and waste water in the town's river) emitted by Branding iron. Three proposals have been made to remedy the problem.
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets-What is the optimal level of production of wine decanters?
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
Illustrate what happens in the market for apartments when the government institutes a price ceiling that is lower than the market price. What could be some actions taken by renters and landlords when dealing with a price ceiling.
Often it is claimed that banks create money by making loans. How can commercial banks create money? Is the government the only institution that can legally create money?
Elucidate whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.
Suppose Cypress River estimates a linear trend without accounting for this seasonal variation. What effect would this omission have on the estimated sales trend?
Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $58,000. If he adds one more tractor.
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