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Joe has preferences over pizza (p) and beer (b) given by U = pb. The marginal utilities are MUp = b and MUb = p, and Joe's income is I = 60.
1. Find Joe's optimal consumption bundle when pp = 3 and pb = 3.
2. Find the income and substitution effects (on both goods) of an increase in the price of pizza to pp = 6.
3. Find the compensating variation of the price increase.
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effects of tax increase on the gross domestic product
Cornell University conducted a study of wage differentials between men and women reported that one reason that men's wages are higher is that men tend to have more years of work ex
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Consider the following simple economy which consists of two industries, guns (1) and butter (2) and is characterized by the following input-output matrix. Suppose also that
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Suppose the inverse demand curve for a market is equal to p = 100 -- 0.3Q. The inverse market supply curve is p = 20 + 0.5Q. 1. Calculate the equilibrium price and quantity;
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