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(a) Social welfare functions embody a normative conception of the relative importance of equity and efficiency'. With the aid of diagrams, illustrate and explain this proposition.
(b) As tools of real-world policy analysis, social welfare functions have been subjected to severe criticism'. Discuss with extensive reference to the literature on theoretical welfare economics, including Arrow's famous Impossibility Theorem.
(a) and (b) carry equal marks.
(a) and (b) should each be 1,000 words in length.
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
ABC is monopoly seller of aluminum in United States and sells no aluminum on world market. It sells aluminum domestically for $2500 per ton and its average expense is $2200 per ton.
What effect will each of the following have on the supply of automobile tires?
Compare the work and formulas for computation of Expected Value, Absolute Risk Measurement, and Relative Risk for both projects.
Since 1997, at least three million vehicles have been recalled due to air bag related troubles. Of these, roughly half were due to troubles of the sort that only time and road experience are likely to reveal.
Describe why a change in a firm's total fixed cost of production will shift its average total cost curve, but not its marginal cost curve.
Describe each of the subsequent using supply and demand diagrams.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Is the federal funds rate currently too high or too low, Suppose that a year has gone by, output is now just 1 percent above potential, and the inflation rate was 1.5 percent over the year. What federal funds rate should the Fed now set (assuming tha..
Demonstrate how an increase in personal and federal income taxes ultimately affects Bank of Canada's balance sheet.
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