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1. Suppose that two goods are perfect complements. If the price of good 1 changes what part of the change in demand is due to the substitution effect and what is due to income effect? 2. In 2007 many households fixed their mortgage rates for the duration of the mortgage. Early in 2008 the nominal interest rate elsewhere increased so that those who stayed with the floating mortgage rate face now higher interest rates on their mortgage. Suppose the inflation rate stayed fixed. Show on an intertemporal consumption space graph how this increased the well being of those who has fixed their mortgage rates. 3. A murder has been committed. The only clue is a grocery receipt left at the scene by the murderer. The receipt shows that 20 bags of chips selling for $2 a bag and 10 six-packs of pop selling for $6 per six-pack were bought on that day. There are two suspects: Colonel Mustard and Miss Scarlet. On searching their apartments, you find suspects's grocery bills for the previous week. Las week chips were $3 a bag and pop was $5 a six-pack. Colonel Mustard bought 20 bags of chips and 13 packs of pop at those prices. Miss Scarlet bought 30 bags of chips and 7 packs of pop at those prices. Supposing that these people have convex and smooth indifference curves, can any of these people be the murderer? Hint: think in terms of Giffen/ordinary and income inferior/normal goods. 4. You are born with no tangible assets. You live for three periods out of which you work for two periods and retire for one period before you die. You plan to live nothing for your heirs, and you expect your working income to be $20 000, and $60 000 in period 1 and 2. You can borrow and lend at 1% interest rate per period. a. What is the present value of your wealth at the beginning of your life? b. What is the largest constant consumption stream you can afford? c. What borrowing/lending strategy you will use to accomplish b.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.
A) What is the real value of output (Q) Now assume that the Fed increase the money supply by 10 percent and velocity unchanged. B) If the price level remains constant, by how much will real output increase
Write a 200 word paper or risk diversification as it relates to international capital flows for a MNC.Use a specific company and specific countries for your example as you explain why companies view this topic
What was the level of inflation during the time period relative to the history of inflation in the United States? What were the driving factors behind this trend?
What is the objective of the entrepreneur when it comes to the use of his or her resources? What is the major function of the middleman? Is the middleman an entrepreneur?
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
What does this graph tell us the nature of economies of scale in the beer brewing industry b. What are the particular problems associated with the firm represented by the SATC curve shown in the graph Does it represent a firm that would be able to..
decade ago five firms supplied amateur color film in the united states kodak fuji konica agfa and 3m. from a technical
The bank is willing to lend the business this money at a 10 percent interest rate over an eight-year term.calculate the monthly payment, and explain what the business must be able to do with this money.
The increase in the share of profits in national income has brought about demands for an increase in corporate tax. Consider a closed economy where the share of profits in national income is α, and where d of the after-tax profits are distributed ..
Select 5-innovations associated with Industrial Revolution and five innovations from Technological Revolution. For each innovation, recognize the effects it had on individuals, societies, businesses, and politics.
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