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Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt.
a. What type of preferences is mike exhibiting?
b. Draw several indifference curves to illustrate Carl's preferences.
c. What is Carl's MRS?
d. Are Carl's preferences monotonic? How do you know?
e. Are Carl's preferences convex, strictly convex, or not convex? Explain/show how you know.
Suppose that there is a credit market imperfection due to asymmetric information. In the economy, a fraction b of consumers consists of lenders, who each receive an endowment of y units of the consumption good in the current period, and 0 units in th..
To increase tax revenue, the US government in 1932 imposed a two-cent tax on checks written on deposits in bank accounts (In today’s dollars, this tax was about 25 cents per checks) Use the model of the money supply under fractional-reserve banking t..
Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
Why is market power an important element in the rule of reason treatment of tying contracts?
Operations manager estimates assembly time required for first two units to be 10.4 hours and 8.3 hours, respectively. What is appropriate learning curve.
Suppose you know that the actual annual rate of return on a year of education is 5% for both types. Given the numbers in par (c), which type (Alphas or Betas) most likely receives more pure enjoyment from education?
Consider the markets for mobile and landline telephone service. Suppose that when the average income of residents of Plainville is $55,000 per year, the quantity demanded of landline telephone service is 12,500 and the quantity demanded of mobile ser..
Suppose that macroeconomics forecasters predict that economy will be expanding in near future. How might managers use this information.
Explain a worker’s labor-leisure choice associated with a wage decrease (assuming non labor income does not change). Illustrate the income and substitution effect associated this wage change on an appropriate graph. Label all curves and axis.
Research one case of trade restriction, implemented by any nation. Research your topic, using at least 2 sources, and write a brief report (approximately 2 pages) on your findings.
What is the average inflation rate. Explain how would inflation be different if real income growth were higher.
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
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