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Becky has income of $1000 today and $500 tomorrow. Becky can lend and borrow at an interest rate of 10%. There is 5% ináation. Her preferences for intertemporal consumption are represented by the following utility function u(c1; c2) = minfc1; 2c2g
(a) What is her optimal consumption bundle?
(b) If interest rates increase to 20%, write down her new intertemporal budget constraint and graphically demonstrate the change to her intertemporal budget constraint and label any changes to the intercepts.
(c) How does this change e§ect her welfare? Explain.
Suppose that a market with an inelastic demand curve experiences an upward shift in the supply curve. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in this market will change as a result of an upward shift in t..
"Exotic" mortgages became popular in part because they allow someone of:
While Theodore Roosevelt called his 1912 campaign platform the "New Nationalism," Woodrow Wilson called his campaign platform the "New Freedom." Explain why they chose these titles and how they capture the differences between their solutions for the ..
The supply curve and demand curve for bottled water given by: Suppose that the MEC was constant for each unit of output, not increasing with Q, and given by MEC = .5. Calculate the allocatively efficient level of bottled water when this cost external..
In a situation of a fixed exchange rate, explain why, in the monetary approach, an excess supply of money leads to a balance-of-payments deficit. Why is the deficit only temporary? How might advocates of the monetary approach explain a long-lasting d..
Raisin bran and milk are complementary goods. A decrease in the price of raisins will:
In 2010, and 2011, the government of Greece risked defaulting on its debt due to a severe budget crisis. Using bond market graphs as shown in class show the effect on the risk premium between U.S. Treasury debt and comparable maturity Greek debt. Ple..
The Sherman Antitrust Act was put into place to break up monopolies. In the late 1800s, John D. Rockefeller got rich monopolizing oil, J.P. Morgan did the same with the railroads, so the Sherman Antitrust (kind of like anti-monopoly) Act was created ..
Discuss your experience with measurements in your organization or business? Do you find some to be more or less useful than others? Do you know what the measurements are really used for? Do you wonder if any are actually useless?
Suppose, as in the federal income tax code for the United States, that the representative consumer faces a wage income tax with a standard deduction. Draw the consumer's budget constraint on the (l,C) plane.
The demand schedule for JK Rowling's book is Q=3000-100P. The cost of having the book typeset is $10,000 and then the cost of printing each copy is $4. How many copies should JK Rowling print?
Assume in the retail-trade industry, unionized workers earn 19.0% more than non-unionized workers do. Briefly explain how the “product market” effect may operate in this industry. If the product market effect were large, would that suggest that the 1..
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