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Determine whether each statement below is TRUE or FALSE and explain your reasoning
1. An agent has preferences over two goods X1 and X2 Suppose preferences are complete, transitive and continuous. Suppose they are also monotone and strictly concave. That is, the MRS is strictly increasing in X1 along the indifference curve. The agent has income m and faces positive prices P1 and P2 The agent will choose to consume both goods.
2. A firm has two variable factors and a production function f(X1 X2)=( 2X1+4X2)^1/2. The technical rate of substitution between X1 and X2 is constant.
Which of the following is a conclusion of using the generational accounting measure?
Two individuals, Andy and Beth, work on a joint project. If Andy chooses effort level x ≥ 0 and Beth chooses effort level y ≥ 0, then the total output equals 10x+10y+2xy. Maximize each player’s payoff function to find his or her best response functio..
In an effort to reduce education expenditures, Delware shuts down two of the five colleges that train nurses. Using the traditional supply and demand model, discuss the effects of the budget cut on three markets: the markets for nurse schooling (tuit..
Role taxpayer: taxpayers are consumers, workers, business owners, and investors. is it important for government to understand the incentive effects of each kind of tax used to raise revenue?
Use “John Maynard Keynes – capitalism faces its challenge,” in Big Three in Economics by Skousen as your resource to answer the following questions: What was the economic context in which Keynes was writing? How did that affect his economic views? Wh..
What has been the economic effect of marijuana legalization in Nevada, California and all the states that have legalized both medical and recreation marijuana? What similarities or dissimilarities are there, when you compare marijuana legalization wi..
Dave’s Dogs is a firm that originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Dave purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been suc..
A proximity sensor attached to the tip of an endoscope could reduce risks during eye surgery by alerting the surgeon to the location of critical retinal tissue. A certain eye surgeon expects that by using this technology, he will avoid lawsuits of $0..
Dell is considering two versions of a new laptop. One version will meet high performance standards. The other will only meet medium performance standards. If Dell knows that there are Nt techies and Nn norms, and if Dell also can identify which type ..
Compare murder rates with and without death penalty. Cross-section of states: is murder rate higher on average in states without executions.
Assume that Dr. Slight has $300 to spend on goods X and Y. Good X costs $5 per unit and Good Y costs $3 per unit. Dr. Slight combines X and Y using a very strict ratio to derive utility. He can only increase his level of wellbeing by receiving more o..
q1. gerry receives a raise from 10 per hour to 12.50 per hour. after the raise gerry increase the number of channels in
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