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As in PS1, consider a consumer with preferences over newspapers (x) and books (y) that can be represented by the quasilinear utility function U(x; y) = x + 2 p y. a. Solve for the consumer's demand functions for newspapers and books as a function of the price of newspapers (p x ), the price of books (p ) and her income M. b. Sketch the Engel curves for both newspapers and books. Be careful! (What is her demand y for both goods at very low levels of income?) c. In a few sentences describe in words how this consumer spends her income.
japan has a total ban on imports of foreign rice. japanese rice consumption is completely dependent on domestic
1. write down the consumption function given the above information.2. determine the level of consumer spending and the
for each year calculate the percentage change in the exchange rate and in net exports. are net exports generally rising
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
1. which of these economic variables is procyclical and coincident?consumer spending stock pricesthe government bond
Explain how one of the components of the GDP would help you to predict the amount of inventory to keep in stock if you were the owner of a retail store and were placing a merchandise order for the next few months.
assuming that overall taxes are cut by 10 percent across the board. What will this change do to disposable income, consumption, and the multiplier
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
the next question refers to the followingtotal cost schedule for a competitive
Based on those calculations, briefly describe the overall economic performance over the last 7 years (2006-2013) and critically predict about these three macroeconomic variables for 2014-15. 5 pts
How does an employer- paid social security tax on wages affect a competitive firms supply curve
you sell bicycle theft insurance. if bicycle owners do not know whether they are high- or low-risk consumers is there
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