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Suppose a consumer considers Good X and Good Y to be perfect complements. Sketch the graph of the two indifference curves for this consumer. Please put the amount of good Y on the vertical axis, and the amount of good X on the horizontal axis. Also, indicate which of the two indifference curves makes the consumer better off.
You have a choice of borrowing money from a finance company at 24 percent compounded quarterly or borrowing money from a bank at 26 percent compounded annually. Which alternative is the most attractive? If you can borrow funds from a bank at 26% comp..
There are three consumers of a public good. The marginal willingness-to-pay for the consumers are as follows: What is the efficient level of production of the public good? What is the efficient level of production of the public good? Propose an alte..
Representative consumers have the utility function U(C,Ls) = log(C) + log(1- Ls). There is perfect competition in the markets (so price and wages are taken as given by firms and consumers) Write down the budget constraint of the representative consum..
Right now the Federal Debt is over 17 trillion dollars. Why has interest rates stayed low even though the Federal Government continues to borrow more and more? Should there not be a crowding out effect caused by this level of Federal Debt? Do not for..
Jimmy deposits $4,000 now, $2,500 3 years from now, and $5,000 6 years from now. Interest is 5% for the first 3 years and 7% for the last 3 years. How much money will be in the fund at the end of 6 years? What is the present worth of the fund? What i..
Supply of Loanable Funds, e.g., your disposable and expected future income. Discuss and predict how your decisions and transactions in the loanable funds market should change.
The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage.
Bill borrowed $10,000 to be repaid in quarterly instalments over the next 7 years. The interest rate he is being charged is 11.76% per year compounded quarterly. What is his quarterly payment?
Think of some foreign products that are marketed in the United States. Have the foreign manufacturers used marketing that is sensitive to U.S. culture? Provide some specific examples.
Two bidders are about to compete in an auction for an object. Each of them has a private value for the item that the other believes is distributed uniformly from zero to fifty. Suppose that the auction format is a first-price sealed-bid auction. Prov..
The Cole family owns a house with an alarm system that they activate whenever they leave the house. Recently, the Cole family purchased homeowner's insurance that fully covers all losses. After purchasing the insurance, family members haven't been us..
A small company manufactures and sells bicycles.The production manager has determined that the demand functions for q(q>0) bicycles per week is p=90-q, where p is the price per bicycle. find the maximum weekly revenue ?
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