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An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer. If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. The consumer prefers 75 bread and 60 butter to 100 bread and 50 butter. It is so much better that the consumer would pay $40 more to have 75 bread and 60 butter rather than have 100 bread and 50 butter. Explain, using the definition, why you know it is not Pareto Efficient to have the economy produce 100 bread and 50 butter.
Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse?
Explain why we are using per capita data for food rather than the total value as the dependent variable and examine the residuals of your estimated equation to determine whether any of your years might be considered an outlier in the regression.
Assume that an investor is risk-neutral (i.e. assume that the investor always chooses the investment with the higher expected rate of return even if it is riskier). If the yield on 1-year marketable CD's is 6% while the yield on 2-year marketable ..
Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
Today you have a savings account of $15 620. Based on an annual interest rate of 4.2%, what equal amount can you withdraw from the account at the end of each month for three years and leave $4 000 in the account
The United States is currently recovering from its bad recession in over twenty-five years. Applying the resource provided in this and earlier modules of course describe what factors or activities you think helped cause this economic condition.
A spike in the unemployment rate - the biggest in more than two decades - raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing and credit markets are leading the U.S. economy into a painful reces..
In order to ingratiate himself with voters, the mayor of Gotham City decides to lower the price of taxi rides. Assume, for simplicity, that all taxi rides are the same distance and therefore cost the same. The accompanying table shows the demand a..
the minimum wage in this market is $8, what is the impact on the market? Who are the winners and losers of the minimum wage? Draw a graph and mark the areas to show the impact of the minimum wage.
Calculate the equilibrium price and quantitiy in the chocolate market. How much does a firm of each type produce Calculate the consumer and producer surplus What is the producer surplus for an individual firm of each type
Lori, who is risk averse, has two pieces of jewelry, each worth $400. She wants to send them to her sister in Mexico. She is concerned about the safety of shipping them. She believes that the probability that a shipped package will not arrive is q..
Suppose this the demand for water balloons fit the function D(P, Ps)=.2P^(-.5)Ps^(-.2) where P is the price of water balloons and Ps is the price of super soakers (an advanced squirt gun technology). Based upon this demand curve, are super soakers..
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