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The utility that Meredith receives by consuming food F and clothing C is given by u(F,C) = FC Suppose that Meredith"s income in 1990 is $1200and that the prices of food and clothing are $1 per unit for each. By 2000, however, the price of food has increased to $2 and the price of clothing to $3. Let 100represent the cost of living index for 1990. Calculate the ideal and the Laspeyres cost-of-living index for Meredith for 2000. (Hint: Meredith will spend equal amounts on food and clothing with these preferences.)
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
If not, what government expenditures should be excluded from GDP? Are income taxes collected by the government from consumers included in GDP and, if so, how?
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Draw a budget constraint and an indifference curve for an individual who works in period one and is retired (earns no income) in period two. He consumes some of his income in period 1 and saves the rest of his income for period 2.
The two loops in the circular-flow diagram represent the flow
How does a price ceiling undermine the rationing function of market-determined prices? How could rationing coupons insure that consumers with the highest values get the limited amount of a good supplied when government prices ceilings create short..
allows foreign customers to purchase them by mail for price v2 where v1, v2 are the domestic and foreign reservation prices The problem is that frequent travelers are tempted to purchase the CD players domestically, then sell them overseas. Assume..
Suppose that the "Small but Significant and Nontransitory Increase in Price" threshold is 5%. Making use of critical elasticity of demand analysis, do the existing producers of this product represent an antitrust market, or do additional substitut..
Suppose you are in charge of U.S. fiscal policy. The economy is in recession. Based on what you've learned in this chapter, what would you do? Optional: What factors caused the federal budget to turn from a surplus to an expected deficit in 2002?
What is total variable cost when 100 units of output are produced and what is average fixed cost when 150 units of output are produced?
Consider a Bertrand model in which the above firms choose prices to post P_A and P_B simultaneously. Since the goods are identical, consumers will go to the firm with the cheaper price.
what is the concentration ratio for the industry x and y. (number of firm) ----(industry x) ------ (industry y) (1) -----------------------8,750-------- --------1,750 (2) -----------------------7,500---------------- 1,725
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