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Blutarsky is throwing a party at his Fraternity and is trying to choose how much beer and vodka to buy. A bottle of vodka has four times the alcohol as a six? pack of beer.a. If Blutarsky only cares about the total amount of alcohol in his basket, what is his marginal rate of substitution of bottles of vodka for six? packs of beer?b. Write out a utility function to represent these preferences.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Illustrate what sectors of the economy are likely to expand or recover in the near future. Illustrate what sectors may be the most vulnerable in the next year.
My utility for cookies C and milk M is u(C;M) = C1=3M2=3. Every week I have wealth w = $8 to spend on cookies and milk. Last week, prices were pC = 1; pM = 1; this week there is a big sale on cookies so prices are pC = 1=2; pM = 1.
Suppose that a model of the economy suggests that the real interest rate is determined by the equation R= 8.5 - % ?Y Where Y is the level of output, so % Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation target.
A researcher is interested in the size of the current balance of credit card holders. To estimate this, he obtains the size of the current balance of a random sample of 25 credit card holders. A 90% confidence interval for the mean current balance..
Explain whether there is a relationship between inflation and unemployment and should government interfere and reduce inflation and unemployment?
During the recent recession, when countries around the world suffered high unemployment rates and the governments were experiencing huge budget deficits, economists debated whether to raise or cut taxes or to raise or cut government spending.
Consider the markets for DVD movies, TV screens, and tickets atmovie theaters. For each pair, identify whether they arecomplements or substitutes: 1) DVDs and TV Screens - compliments;2) DVD and movie tickets, substitutes
identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. Then do the same for each of the determinants of supply in Equation. In each instance, would equilibrium market price increas..
If a industry wants to raise total sales revenue. What happens to the demand for beer if the price of soda falls.
We assume there are no lump-sum taxes and no dividend income: ? = T = 0. We assume h = 1 and the wage rate w = 1. There is a consumption tax such that for each purchased unit of consumption, the consumer needs to pay 1 +t units where t goes to the..
Suppose an individual's marginal rate of substitution is three slices of pizza for one beer at the present bundle of beer and pizza she is consuming. If the price of beer is $1.00 and the price of a slice of pizza is $1.50, is the consumer maximizing..
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