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Two of the most important concepts we’ve talked about in class are the technical rate of substitution between two inputs and the ratio of the price of those inputs. Explain, briefly, what each of these concepts represent in terms of tradeoffs, and why they are often equal when then firm is making its cost-minimizing input choice.
Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate and profit from the interest-rate differential.
Suppose housing (H) and air quality (A) are the only two things entering into Aaron's utility and the utility function is U(H, A) = A ∗ H. Suppose Aaron's income is $10 and the price of housing is $2. (a) Air quality is a non-excludable, public good ..
Prices (fuel, water, grocery items, etc.) tend to rise in response to a natural disaster.
Suppose that Congress passes a constitutional amendment requiring the U.S. government to maintain a balanced budget at all times. Thus, if the government wishes to change government spending, it must always change taxes by the same amount, that is "G..
Calculate the following elasticities and classify good x. The market situation is as follows: m=$100, Px=Py=$10
If we know the exchange rate between Country A’s currency and Country B’s currency, and we know the exchange rate between Country B’s currency and Country C’s currency, then we can compute the exchange rate between Country A’s currency and Country C’..
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
A U.S.-owned automobile factory uses $50 million worth of materials produced in the U.S. and $10 million worth of material purchased from foreign countries to produce $100 million of automobiles. $70 million worth of these automobiles are purchased b..
Explain how marginal control costs are equalised across firms under a transferable pollution permit system (also known as an emissions trading scheme) using a diagram to illustrate your answer. What advantage does the equalisation of marginal control..
What were some continuities and changes in American foreign policy between 1865 and 1945? And how did domestic affairs influence changes in American foreign policy towards areas like Latin American, Europe and East Asia?
Using aggregate demand and aggregate supply analysis, explain the happy coincidence of both low inflation and decreasing unemployment in the United States during the roaring nineties
Suppose that in the loan described, the borrower made a larger payment, as indicated. Calculate (a) that time needed to pay off the loan, b) the total amount of the payments, and c) the amount of interest saved, compared with the original loan and pa..
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