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A no production economy has 2 consumers (A and B) who each consume two different goods (x and y). Person A is endowed with (120,270) and has a utility function Ua(Xa,Ya)=X^(2/3)Y^(1/3). Person B is endowed with (480,180) and has a utility function Ub(Xb,Yb)=X^(1/3)Y^(2/3).
Draw an edgeworth box showing the following: The initial endowment, the IC that go through the initial endowment for each consumer, the CE point, the IC’s through that point for each consumer, and the budget constraint from the competitive equilibrium price.
Calculate the loss of economic welfare caused by the monopolistic . If some of this lost welfare would have been producer surplus, why is the monopolist willing to forgot this surplus?
Barb age 25, files as a single taxpayer. She is employed at a monthly salary of $2,150. She claims no dependents. Her employer withheld $1,600 from her wages for income taxes for 12 months' of work. Compute of Barb’s income tax due to or from the IRS..
The main discussion question is an interesting one this week, but the realm of exchange rates has a major influence on macroeconomics. As economies become more and more open in trade, the value of a nation's currency can influence GDP and interest ra..
q.evaluate relationship among the european euro crisis in 2012 as well as the american economy. evaluate how this
How can they be important to an argument? What are some of the problems one faces when they are trying to determine authorial intent? Is the author always right about what they intended? Might an argument have a meaning that the author did not intend..
You are an economic consultant for Farmer Perk, who produces raw cotton and sells it in a perfectly competitive market. Illustrate what is Farmer Perk's profit-maximizing level of output.
Who in the Ethiopian society has the most difficult time dealing with scarcity? How can their society provide for their wants and needs? Why are they so impoverished? What can their governments do to help, or hinder their country's development?
Take a position: Mass marketing is dead versus mass marketing is still a viable way to build a profitable brand. Discussion-with marketers increasingly adopting more and more refined market.
The predictive power of the Heckscher-Ohlin model, at least in terms of forecasting the volume of trade, appears to undergo improvement upon abandonment of the assumption. The gravity model states that trade between two countries will increase if the..
You take $1000 you had kept under your mattress and deposit it in your bank account. If this $1000 stays in the banking system as reserves and if banks hold reserves equal to 20 percent of deposits, by how much does the total amount of deposits in th..
We want to determine if the training program was effective. Compute the test statistic. At 95% confidence, test the hypotheses. That is, did the training program actually increase the production rates?
Suppose the employees of Starbucks in China are paid 8 yuan per hour and a cup of coffee is priced at 8 yuan. If Starbucks is maximising its profit, what is the value of marginal product of labour (VMPL) per hour of the last worker employed by Starbu..
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