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1. Explain how consumers in an economy can be made better off if the marginal rate of transformation does not equal consumers' marginal rates of substitution.
2. Explain how the conditions of utility maximization, cost minimization, and profit maximization in competitive markets imply that the allocation arising in a general competitive equilibrium is economically efficient.
3. What is comparative advantage? What is absolute advantage? Which of these two concepts is more important in determining the benefits from free trade?
The income elasticity of demand for clothing is estimated at +0.5. What would you expect to happen to clothing revenues when incomes are rising When incomes are falling Is the effect stronger or weaker than the movie industry results
Everything else being constant, what could you infer about the average quality of U.S. workers? Would this have any implications on the perspectives for future growth in the United States?
The number of pounds of coffee they pack in a day is given by the production function Q = F(L) = 10L, where L is the number of hours of labor they hire. Graph their production function.
Go to the Bureau of Economic Analysis at this Web site, and look up the latest new release for real GDP. Address the following questions after reading the latest release:
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
Suppose Ben has a utility function U(x,y)= 4 * x^(0.5) * y^(0.8) The price of x is 2 dollars and the price of y is also 2 dollars. Explain WITHOUT USING ANY MATH AT ALL, just in a few words, which good is consumed more. Does Ben buy more x than y.
The Third National Bank has reserves of $20,000 and checkable deposits of $100,000. The reserve ratio is 20 percent. Households deposit $5000 in currency into the bank that is added to reserves. What level of excess reserves does the bank now have..
Discuss which members of society are likely to perceive the trend you are discussing from which perspective. For example, attending Justin Beiber's movie (or concert) could be understood in a number of different ways using these theories; which me..
A machine has an initial cost of $500,000, and was estimated to have a salvage value of $30,000 at the end of its 7 years useful life. The machine is expected to generate annual net savings of $125,000. A loan of $200,000 at 7% interest will help ..
The sales information for the Lonestar Sports Apparel Corporation for the last 12 years as follows:
Suppose nominal GDP in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
Two key elements that affect demand are the season (Xmas and Summer are best times) and timing of other film releases. Both Studio Roxie and Midnight Flicks are producing action movies. The 2 studios must choose between releasing on November 10 or..
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