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Adam only likes Peanut butter (P) and jam (J) when there is twice as much jam as peanut butter. That is, his utility function is Ua(P,J) = min(P,J/2). Bob, on the other hand, has the utility function Ub(P,J) = 2J + P. Suppose the total endowment is 10 units of peanut butter and 10 units of Jam.
(a) Draw the Edgeworth box of this situation and draw the contract curve
(b) What dowe know about the proportion of peanut butter to jam held by Adam in any equilibrium?
(c) What do we know about the proportion of peanut butter to jam held by Bob in any equilibrium?
(d) If Adam held all of the peanut butter in the initial endowment, is it possible that he end up with nothing in the equilibrium?
(e) If Bob held all of the peanut buter in the initial endowment, is it possible that he end up with nothing in the equilibrium?
Identify economic forecasts for real GDP, the unemployment rate, the inflation rate, and a key interest rate. What do your forecasts imply about the relative strength of the economy over the next two years.
The wage in Mexico is $5. The wage in the U.S. is $20. Provide current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?
Under very high rates of inflation, why would people prefer to use a barter system to buy goods, rather than use paper money.
What are the advantages and disadvantages of fixed versus floating exchange rates?
structural unemployment of 2 percent, seasonal unemployment of 0.5 percent and cyclical unemployment of 2 percent, illustrate what is natural rate of unemployment.
decades has noting to do with the Department of Health and Human Services, but rather with the Internal Revenue Service. What evidence can you cite to support your position?
illustrate and explain how each of following would affect market value of US dollar. Canada experiences severe deflation. US engages in an expansionary monetary policy.
Illustrate what are the advantages and disadvantages of acquiring inputs through this means. Give example not used in the textbook that uses this method of processing.
Identify four different types of Regional Trade Agreements (RTAs). 2. Examine the European Union (EU) and its current state. Discuss how the EU is related to RTAs. 3. Discuss the benefits and negative aspects of using a common currency.
If this is true, explain why does not just one state produce all of the orange juice for the U.S. market.
Could a service industry utilize production line approach or self-serve design also still keeps a high customer focus
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