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Humphrey and Lauren are splitting 10 gallons of soda and six pounds of popcorn. Let’s represent Humphrey’s preference with the utility function UH = 3SH + PH and Lauren’s preferences with UL = 2SL + 4PL, where SH and SL indicate their soda consumption, while PH and PL indicate their popcorn consumption. Consider the social welfare function W(UH,UL) = UH + UL. According to this social welfare function, which of the following two allocations is better: (1) SH = 1, SL = 9, PH = 2, and PL = 4, or (2) SH = 5, SL = 5, PH = 3, and PL = 3? Which allocation does each consumer prefer? Considering all possible allocations, which is the most socially desirable? [HINT: How is social welfare affected by shifting a gallon of soda between Humphrey and Lauren? What about a pound of popcorn?]
In pre-Keynesian economics, it was generally believed that the demand for labor would equal the supply of labor such that unemployment would not be a serious problem. Demonstrate this argument both graphically and verbally.
What are intellectual property rights? How are they different from property rights to physical assets? Why has digitalization been hazard to intellectual property rights?
Need Stage 2 paper - Business Process Analysis. Need APA format paper that is 3-4 pages with 2 references cited.Before you begin this assignment, be sure you:1. Have completed all previously assigned readings, particularly those assigned in Week 2..
In many cases, particularly instances of hyperinflation, we do not observe a stable demand for real money balances that is proportional to real output (i.e, MD/p≠LxY). Explain how we alter the simple monetary model to derive the general monetary mode..
Explain how does the deposit primarily change the T-account of the local bank. How does it change the money supply.
John lives for three periods. He is currently considering two alternative education-work options. Alternative 1: he can start working immediately, earning $100,000 in period 1, $110,000 in period 2, and $120,000 in period 3. Alternative 2: he can spe..
Suppose that a country is producing on its PPC at a point to the left of the tangency between the trade line and the PPC. At the production point,
Suppose China wishes to peg the Chinese Yuan to the US dollar at $0.20/Yuan. But, because of foreign funds flowing into China, the Yuan appreciates. How can the People’s Bank of China (China’s central bank) maintain the pegged exchange rate? Is the B..
The number of parts produced per hour by a worker. when will she be at a maximum productivity.
A monopoly or oligopoly showing no economic profit or loss has
Using graphs, show how you would establish the following proposition: " In a small open economy operating a fixed exchange rate, in which domestic and foreign bonds are imperfect substitutes, in the absence of sterilization the effect/ of an increase..
You are considering a project with an initial cash outlay of $72,000 and expected cash flows of $22,320 at the end of each year for six year . The discount rate is 10.3 percent. The payback period of the project is ___ years
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