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What is the substitution effect? Why do the substitution and income effects normally reinforce each other? Is this true for an inferior good?
Pat and Kris are roommates. They spend most of their time studying (of course), but some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor fo..
Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
To the right is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approa..
Does that rule make sense from the perspective of economic efficiency? Why or why not?
Obtain standard errors of your estimates in part (a) using the Wild bootstrap with and using the bootstrap (with B = 9; 999) test H0 : 2 = 0 vs. H0 : 2 = 0 at the 5% level.
If velocity and aggregate output remain constant at 10 and 2,000, respectively, what happens to the price level if the money supply declines from $800 billion to $600 billion
Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.
Calculate the efficient Pigouvian tax to correct the externality in worked-out problem 20.1 (page 758). Show graphically and algebraically that, with this tax, the competitive equilibrium will be efficient.
Determine the level of consumption, compatible with the budget constraint, for someone who wants an even consumption profile throughout the life cycle. Indicate in which periods the person saves and dissaves and in what amounts.
Do you believe in strict cultural relativism, or do you think anthropologists should pass judgments? Is there a middle ground in this debate, and if so, under what circumstances and using what criteria would you draw the line between the two sides..
There are many potential buyers for used cars. All of them are willing for pay $1000 for a lemon and $2000 for a good used car. There are 1000 owners of lemon and 1000 owners of good used car.
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