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Assume that there is a simultaneous increase in household income and in the opportunity cost (the price) of rearing children relative to other goods. Please analyze the possible impact of such changes on the desired number of children per family, using the microeconomic household theory of fertility’s diagram.
Assume that children are considered normal goods, like most commodities, and the number of desired surviving children is measured along the horizontal axis. Be sure to label: i. the axes; ii. the curves; iii. the initial and terminal optimum consumption bundles that maximize family satisfaction; iv. the direction the rotation of the budget line. State in words what happens to the number of desired children per family (if any). Give an example of polices that may lead to this outcome.
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
Queen Elizabeth has decided to auction off the crown jewels, and there are two bidders: Sultan Hassanal Bolkian of Brunei and Sheikh Zayed Al Nahyan of Abu Dhabi. The auction format is as follows: The Sultan and the Sheikh simultaneously submit a wri..
Draw a long-run average total cost curve. What other names does it have? Why? There are three separate regions of it. List and explain each of them. List the reasons for the left side of this curve.
KMC Incorporated uses 150,000 shafts per month in the production of sets of golf clubs. The cost of carrying in inventory is $0.50 per shaft per year, and the cost of ordering the shafts is $150 per order. The firm uses. Constant rate throughout the ..
Suppose that you are considering the purchase of a security that has the following timeline of payments: How much would you be willing to pay for this security if he market interest rate is 6%?
q.the availability of investment capital is critical for a market economy to grow. explain how this investment capital
q1. the happy crystal bank of kowloon lends money to risky businesses. the risk premium it charges on its loans is
Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Now consider one such ditch-digging firm that has five backhoes but employs..
You are purchasing a new car for a price of $38,000. The dealer is offering two financing programs. Program 1 will allow you to take possession of your new car and defer your first payment for 6 months. Interest accrues monthly on your purchase durin..
A perfectly competitive rm produces output q with capital K and labor L according to the production function: q = f(K; L) = 4K 1 4L 1 4 The price of labor is w = 4, and the price of capital is r = 4. Prove that this production function has decreasing..
Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
You are thinking about becoming a Paradise Coffee franchisee. Franchisees are offered a business specializing in producing an exclusive line of exotic coffee drinks (similar to Starbucks). What is the estimated explicit (accounting) cost of your prop..
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