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Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA = X2Y UB = X*Y Therefore:
The initial endowments are: A: X = 80; Y = 14 B: X = 70; Y = 6 a) ) Suppose the price of good Y is equal to one. Calculate the price of good X that will lead to a competitive equilibrium. b) How much of each good does each consumer demand in equilibrium? Consumer A's Demand for X: Consumer A's Demand for Y: Consumer B's demand for X: Consumer B's demand for Y: c) What is the marginal rate of substitution for consumer A at the competitive equilibrium? d) ( Illustrate the situation in an Edgeworth Box. Be sure to label your box carefully and accurately. Identify the initial endowment and label it W. Identify the competitive equilibrium and label it D. Draw the budget constraint that each consumer faces and identify the values where it intercepts the perimeter of the Edgeworth Box (there are two different intercepts to identify).
critically analyze classical and keynesian theories relating to demand for money. do not forget to examine modern
Find the equilibrium price and quantity after the shift of the demand curve.If, instead, two new stores that sell T-shirts open up in town, which of the following might be the new supply curve?
Discuss the difference between monopolistic competition, and perfect competition market models and also provide examples from the real life.
What are the profit maximizing prices for hardcover and paperback books? What are the quantities of books demanded at these prices for hardcover and paperback books?
Deep global recession might trigger changes in expending from imported items to domestically manufactured items. What are at least two policies that governments might implement to increase expending on domestic items.
If there is asymmetric information what is the optimal strategy for the workers What is the optimal strategy for the firm Is the employment contract between the firm and the workers self-enforcing If yes, why If not, which would be a self-enforcing..
Amy's card shop receives a shipment of valentine's day card in December 2013. Amy pays the wholesales distributor of the card a total of $500. In February 2014 she sells the cards for a total of $ 700. What are the contributions of these transactions..
many economists consider medical care a superior good. which of the following statements is true regarding a superior
What is the monopolist's profit maximizing level of output and what is the profit-maximising pricing strategy among the options
Who bears the cost of import barriers protecting a job where the industry employing labor has lost its comparative advantage Consider the use of tariffs on steel imports into the U.S. during the recent Bush Administration.
you are a newspaper publisher. you are in the middle of a one-year rental contract for your factory that requires you
Research the corporate-level of strategies and evaluate the business-level strategy do you believe is appropriate to offset forces in the industry for Victory Motorcycles. Research a large corporation headquartered in your home state focus on its c..
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