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Suppose that there are two goods in the economy, and the price of each good is equal to 1. When Alice has income of $10, She consumes 1 unit of good y and 9 units of good r. As her income increases, she continues to buy just one unit of good y and spends the rest of her income on good x. Verify that the utility function U(x,y) = x+log y represents Alice\'s preferences? Show all your work. (Hint: Find the demand function for good x and y) under the assumption that the price of the good x is Px, the good y Py and the income is I.)
How would each of the following affect the firm's marginal, average, and average variable cost curves?
Suppose the Federal Reserve lowers its target for the federal funds rate six times in seven months while the European Central Bank leaves its target for short term interest rates unchanged.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
The socio-economic shortcomings that China experienced
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Derive an expression for the marginal utility of good 1, and for the marginal utility of good 2. Using these, solve for an expression describing the slope of an indifference curve: MRS(x1,x2).
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
Assume Helen's income increased from $30,000 per year to $45,000 per year and Helen\'s crab meat consumption went from 25 pounds per year to 30 pounds per year.
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