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1. If, in exercise 8, the MC and MSC columns were reversed, you would have an example of what? Would too much or too little of the good be produced?
2. Compare a ban on trans fats to a ban on cocaine. What do the markets look like? How are they different? Which ban would be easier to enforce? Explain.
Discuss the role of price and wage adjustments in understanding the macroeconomic equilibrium.
Calculate consumption in each period of life. Compare this answer to your answer to part (a) of Problem 5, and explain any differences.
Comment on this trade-off between equity and growth. How would you go about resolving the issue if you were the president of a small, poor country?
In a closed economy the following holds: Household consumption C is given by the consumption function: C = 100 + 0.75Yd Planned investments are I = 250 (independent of Y ). Household disposable income: Yd = Y - T, where Y is production. Taxes depend ..
What was the purpose of this symbolic gesture? How can the Fed's decision to use expansionary monetary policy in the future affect the short-run response of the economy?
Finally, much of the new recycled mill capacity is being built as expansions to existing mills, close to forests and away from cities, which are the source of the raw materials. Thus here is little raw material transport savings associated with re..
What is the value of the multiplier d. Calculate the saving function for Freedonia. Plot this sav- ing function on a graph with equation (2). Explain why the equilibrium income in this graph must be the same as in part b.
On the basis of the information regarding the risk involved in the two projects, you came up with the following probability distributions for the projects: Project A Project B Probability Net Cash Flows ($) Probability Net Cash Flows ($) 0.3 8,100 ..
You borrowed $20,000 from your uncle to finance your college education. Your uncle is very flexible in your repayment plan, but he will charge an 8% interest compounded annually for any unpaid balance.
At the end of 2006 an expert economist from the Global Economic Institute in Kiel, Germany, predicted a drop in the value of the dollar against the euro of 10% over the next 5 years. If the exchange rate was $1.27 to 1 euro on November 5, 2007,
The Conch Café, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy Conch, the owner, hires a large number of servers as..
Suppose Josh has 5 apples and 1 orange, while Mary has 5 apples and 3 oranges. Identify this allocation in the Edgeworth box.
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