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Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x0.5 y0.5, whereas consumer of type 2 has u(x, y) = x0.3 y0.7. Both of them have income given by I>0, and the prices denoted are by PX and PY, as usual. a) Find the Marshallian demands of x for both types of consumers. b) In what follows, suppose that there are 50 consumers of type 1 and 100 of type 2. Find the market demand of x. Does the price of y affect this demand? c) Now suppose that I= 2 and that the market supply of X is given by QS = 55 + 55PX. Compute the short-run equilibrium price and its corresponding quantity.
Calculating inflation using a simple price index-Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply.
Consider a league with two teams that might engage in doping. If neither team engages in doping, the odds that Team A will win the league championship are 65% and the odds that
Suppose an individual dairy farmer in Northamptonshire decides that going price for milk is too low. Explain effects of this strategy.
Which of these types of firms can earn a positive economic profit in the long run.
Suppose a drop in the compensating wage differential between risky jobs and safe jobs has been observed. Two explanations have been put forward: The phenomenal success of a new reality show Die on the Job has instilled millions of viewers with an ide..
The smith company made and sold 10,000 metal tables last year. When output was between 5,000 and 10,000 tables, its average variable cost was $24. In this output range, each table contributed 60% of its revenue to fixed cost and profit.
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show shortage and surplus and why they exist, add ceiling and floor, use examples and describe.
Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets?
The current government deficit: include how current fiscal policy has affected the deficit, and how the country should deal with any problems you identified?
Why is monetary policy chosen over fiscal policy as the preferred tool for stabilization policy? What does the government gain from controlling monetary policy? Why would they choose to delegate responsibility for monetary policy to an independent ce..
if demand is perfectly elastic the demand curve is horizontal. if demand for x shifts right as the price of good y increases, then x and y are substitutes. supply shifts rightward if input prices rise. it is possible for an economy to be inside its p..
GDP per capital (nominal) would be the actual cash of the average person in the given country has per year. It equals GDP divide by the population. What is the alternative to using PPPs for making international comparisons? This answer will likely ex..
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