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1. Suppose that two goods are perfect complements. If the price of good 1 changes what part of the change in demand is due to the substitution effect and what is due to income effect? 2. In 2007 many households fixed their mortgage rates for the duration of the mortgage. Early in 2008 the nominal interest rate elsewhere increased so that those who stayed with the floating mortgage rate face now higher interest rates on their mortgage. Suppose the inflation rate stayed fixed. Show on an intertemporal consumption space graph how this increased the well being of those who has fixed their mortgage rates. 3. A murder has been committed. The only clue is a grocery receipt left at the scene by the murderer. The receipt shows that 20 bags of chips selling for $2 a bag and 10 six-packs of pop selling for $6 per sixpack were bought on that day. There are two suspects: Colonel Mustard and Miss Scarlet. On searching their apartments, you find suspects's grocery bills for the previous week. Las week chips were $3 a bag and pop was $5 a six-pack. Colonel Mustard bought 20 bags of chips and 13 packs of pop at those prices. Miss Scarlet bought 30 bags of chips and 7 packs of pop at those prices. Supposing that these people have convex and smooth indifference curves, can any of these people be the murderer? Hint: think in terms of Giffen/ordinary and income inferior/normal goods. 4. You are born with no tangible assets. You live for three periods out of which you work for two periods and retire for one period before you die. You plan to live nothing for your heirs, and you expect your working income to be $20 000, and $60 000 in period 1 and 2. You can borrow and lend at 1% interest rate per period. a. What is the present value of your wealth at the beginning of your life?
b. What is the largest constant consumption stream you can afford?
c. What borrowing/lending strategy you will use to accomplish b.
Share markets all over the world often increase or decrease together. What does a rise in the stock market indicate to you about the level of current and expected growth in the world economy?
The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead.
The process organizational socialization has strengthened workers also makes them more united.
Find the amount of capital and labor that will maximize profit. Show second order conditions for the maximum.
Which of the following is necessary in order for a firm to successfully practice price discrimination?
A firm has the following short-run production function (where L = Labor and Q = Output): Suppose that the output can be sold for $10 per unit. Further assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit. Dete..
Should GDP take into account environmental issues, distributional issues also health also welfare issues.
Employee evaluations require a strong set of job descriptions, as well as a proactive communication system from managers who give timely feedback to their employees about performance issues as they arise. What should this kind of evaluation system lo..
A bright OU student plans to win first prize in the Ohio University Scripps Innovation Challenge that began Jan 17 and ends March 13. He will invest his $10,000 winnings in a friend’s 5-year-old startup company and expects to gain 10% interest per ye..
Based on absolute advantage and comparative advantage, explain the effect of global economic conditions on the choices available to that country. Include the current exchange rate of the country's monetary unit.
If the Fed purchases Treasury Bills from banks:
Now suppose that the interest rate falls to 50 percent, and the household decide not to borrow or lend at all. Is the household better off or worse off with the higher interest rate?
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