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Consider a consumer who consumes only two products X and Y. (for example, X may be housing and Y may represent a "composite commodity" con- sifting of all other goods). Assume that this consumer's utility function is rep- resented by U(X; Y ) = XY . Suppose in 1990, px = 1, py = 1 and I = $1000. Observe that in this year the consumer buys 500 units of X and 500 units of Y: 1
1. Suppose in 1991, px = 1, py = 2. However, in 1991 she receives a cost of living adjustment of $500, so that she can afford to buy her earlier consumption bundle X = 500; Y = 500. (of course, she is not restricted to buy X = 500; Y = 500). Is she better or worse o¤ in 1991 (relative to 1990)? Justify your answer.
draw the cheese market for the united states showing the world price as the price for this market. how much cheese does
If the government gave each recicient family a $7,000 check instead of enrolling them in the Medicaid program most of the families would spend that money to purchase health insurance.
What is foreign aid and what is the goal of foreign aid? Does foreign aid promote economic development? Explain briefly. Your response should be at least 75 words in length.
answer the next questions parts a and b on the basis of the following cost data for a firm operating in pure
question 1 using the same amount of resources the united states and canada can both produce lumberjack shirts and
The discussionin Section3 .7 suggestst hat Give up is optimal for Rich as long as (i) Kelly is very likely to win the immunity challenge once Rich gives up and
price elasticity. the management of the mini mill steel company estimated the following elasticities for a special type
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
consider an economy that abides by the classical mode. the production function is unspecified but we know that the
Airline fares are bigger in summer than in winter. Some railroads charge lower fares during week than on weekends. Electric firms charge customers lower rates the more electricity they use.
say you are the manager of a perfectly competitive firm selling a product. your business is making a loss because total
Airphone, Corporation Produces cellular telephones at a processing cost of $47 each unit. The firm manufactures an average of 250 phones per week and has a yield of 87 percent good-quality phones
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