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My utility for cookies C and milk M is u(C;M) = C1=3M2=3. Every week I have wealth w = $8 to spend on cookies and milk. Last week, prices were pC = 1; pM = 1; this week there is a big sale on cookies so prices are pC = 1=2; pM = 1.
(a) What was my optimal choice last week?(b) What is my optimal choice last week?(c) What is the change in my optimal choice from last week to this week? (Compute changes in both cookies, milk.)(d) What part of that change is due to the income effect?(e) What part of that change is due to the substitution effect?
Explain how might federal deficits crowd out private domestic investment. How does this crowding out affect future living standards.
Illustrate what did classical economists assume about the flexibility. What disagreements did Keynes have with classical economists.
Assume that x1 and x2 can take any value (0,1,2,3,4,5). The payoff to student i is 10 - xi if she gets an A and 8 - xi if she gets a B, i = 1, 2. Derive the strategies that survive the iterative deletion of strictly dominated strategies.
Briefly outline the current state of U.S. policy toward sugar imports and perform an economic cost benefit analysis to evaluate the welfare effects of eliminating import quotas and tariffs.
Suppose Congress (in an attempt to stimulate the economy in both the short and long run) passes an investment-tax credit, which subsidizes domestic investment. How will this policy affect (comparing the state of the economy prior to the enactment o..
The percentage change in the number of trips in central London gives you one of the numbers you need to calculate an estimate of the elasticity of demand. The other number you need is the percentage change in the price a driver pays for driving in..
Describe three (3) ways we can use macroeconomic analysis, with one (1) original example for each way. Using the real business cycle theory, explain two (2) effects of an adverse technological shock on the labor market and on the output market.
If the customer surplus is small, does it mean that the demand will be greater for regulation or the supply will be smaller for regulation.
Is this type of bonus structure in the interest of the company? Use theoretical and graphical insights from chapter five of the textbook to explain your reasoning.
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
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