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Smith and Jones are stranded on a desert island. Each has in her possession some slices of ham (H) and cheese(c). Smith prefers to consume ham and cheese in fixed portions of 2 slices of cheese to each slice of ham. Her utility is given by Us= Min (10H, 5C). Jones on the other hand regards ham and cheese as perfect substitutes-she is always willing to trade 3 slices of ham for 4 slices of cheese, and her utility function is given by Uj+4h+3c. Total endowments are 100 slices of ham and 200 slices of cheese.
a.Suppose Smiths initial endowment is 40 slices of ham and 80 slices of cheese (Jones gets the remaining ham and cheese as her initial endowment). What mutually beneficial trades are possible in this economy and what utility levels will Smith and Jones enjoy from such trades?
Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the marginal product of an input and the marginal cost of production.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Consider the market for tuna, which is a perfectly competitive market. The long-run equilibrium price is $3 per can of tuna, and the long-run equilibrium quantity is 600 million cans per yr. Suppose the Surgeon General issues a report saying that ..
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Suppose the only firm in an economy produces $10 worth of final goods in a year and only sells $9 of goods that year. We know that GDP can be equivalently be thought of as either total spending on new goods and services in an economy.
Eagle Properties, a real estate investment and sales firm, presents a form contract to its customer Floyd, who wants to buy a certain quarter acre of land in a proposed housing subdivision that Eagle is marketing.
I am planning giving a patent for a new drug. The public demand is given through: P=120-10Q, where Q is quantity of the drug and P is price. If the marginal cost of production is given by MC = 2Q,
Economists often view life cycle variation in income as one form of transitory variation in income around people's lifetime or permanent, income.
Assume that the federal reserve engages in contractionary monetary policy at the time when commercial banks are holding no excess reserves. identify two specific actions the federal reserve could take to accomplish their contractionary goal.
Discuss and explain two conflicts of interest faced by an Investment Advisor who is employed by a commercial bank or an investment bank?
Explain why, For a country having full employment of its resources, an increase in production of public sector goods can only be possible when there is reduction in production of say, consumer goods onlike for an economy undergoing recession
If the price set is the profit-maximizing price, elucidate the price elasticity of demand for calculators faced by the plant.
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