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Consider the problem of a rational consumer with an experienced utility function given by 10ln(x)+m and a wealth level W=100. Suppose that the market price for good x is p=$2 per unit.You are asked to analyze the impact on the consumer's demand of the following three policies, under the assumption that the market price does not change A. The consumer receives a 'buying incentive' from the governmnet equal to $1 per unit of x bought. B. If the consumer buys x units of the good, he receives a total cash rebate of pln(x) dollars. C. If the consumer buys x units of the good, then he receives another x units for free. What is the amount purchased by the consumer at the policy that generates the largest demand ?
Show that the optimal amount of the public good isthe same in every Pare to efficient allocation. What is this amount? Will the optimalamount of the public good change if the initial wealths of the two individuals change?
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
Reducing taxes increases the amount of available cash that consumers can use to purchase goods and services. The more cash consumers have, the more purchases they are likely make. As consumers in a country increase spending, it directly increases ..
How could we argue that these markets are notcompetitive and could each firm face a demand curve that is not perfectly elastic?
Shares of consumption, investment, and government spending as a part of GDP. Use nominal GDP for these calculations. Biggest contributor in GDP.
A HEADLINE article in the text is titled Consumer are Spending Big Time. Determine which of the following is most likely to happens a result of increased consumer spending?
How does and increase in consumers income affect the demandfor mcds big mac hamburgers? if the demand curve shifts, indicate whether it will shift to the right and draw a graph to illustrate the shift. label graph appropriately.
Determine what happens in the new equilibrium. Does the individual buy more or less of OG. Does the individual buy more or less of HC. Explain why.
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
Assume that both the equilibrium price and quantity of golf clubs rise. Which of the following explanations would best explain this outcome?
From the perspective of any individual in this population, what is the reduction in the probability of their death in any year from this policy? (Assume everyone in the population uses the road equally. In reality, the fact that this is not true m..
What are issues in choice of functional form and what would be an alternate functional form that avoids these issues?
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