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Suppose that midterm grades determine your nal course grade putting the Midterm 1 grade on the horizontal axis and the Midterm 2 grade on the vertical axis, draw indifference curves describing your preferences in the following scenarios. In addition, write down a utility function that is consistent with the preferences in each case. (a) Each midterm is worth 50% of your nal grade. (b) Midterm 1 is worth 25% and Midterm 2 is worth 75% of your nal grade. (c) The lower of your two midterms is worth 100% of your nal grade. (d) The higher of your two midterms is worth 100% of your nal grade.
Define the points of individual choices makes and interact. A. How individuals make choices: • Scarcity • Opportunity cost • Trade-offs • Marginal analysis B. Ho
One constraint in our economy is time. As a society, we make choices about the allocation of time between work and other pursuits. In the US, most workers are eligible for overtime
Q. Illustrate biological effects of Patulin? Biological activity: Patulin has an acute oral LD 50 in rodents of about 30-50 mg/kg and has been shown to be teratogenic, immunot
Why is quantitative easing used during liquidity trap when it lowers interest rates too?
1) Why does the adoption of Keynesian economics come out of the Great Depression? 1) Why does the adoption of Keynesian economics come out of the Great Depression? 2) What will ha
Q. Consumption function in the AS-AD model? Consumption. Suppose that P increases by say 10% whereas real GDP (Y) is constant. Nominal GDP and nominal national will now have
Explain the adjustment to the new equilibrium price from an increase in demand.
An effort to reduce energy costs, a major university has installed more efficient lights as well as automatic sensors that turn the lights off when no movement is present in a room
Jen spends all her income on shortbread cookies (S) and cupcakes (C). Her utility function is given by: U(S,C) = S +2C. Suppose that Jen has an income of $10 and that a cupcake cos
Explain how changes in the quality of health care will influence the demand for care.
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