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Consider an exchange economy with two goods, good 1 and good 2, and two consumers, A and B. The preferences of the consumers can be described by a convex indifference curve. A’s initial endowment consists of 10 units of good 1 and 15 units of good 2, whereas B’s initial endowment consists of 20 units of good 1 and 5 units of good 2. Given the current price ratio p1/p2 , A would like to consume 15 units of good 1 and 10 units of good 2, whereas B would like to consume 12 units of good 1 and 15 units of good 2. Is the economy in equilibrium? If not, do you expect the equilibrium price ratio to be greater than the current price ratio? With the use of an appropriate diagram, explain your answer.
Illustrate what happens if the consumer faces a borrowing constraint that prevents her from borrowing.
Why are local tax bases more elastic than national tax bases? Give an example, and explain other possibilities that may make the tax base more elastic.
If you were the Prime Minister of the United Kingdom, in terms of cultural identities. What do citizens of your country (united kingdom) have in common with the migrants? Is there pressure (economic, political, religious) on your to accept migrants i..
Can these equations be reliably estimated using OLS? Explain. Solve for the reduced-form equations of this model.
Using the above table determine the amount added to GDP by calculating the amount added to each of GDP’s categories (Consumption, Investment, Government Expenditures, and Net Exports).
If a firm practices first-degree (perfect) price discrimination, it must be TRUE that the firm: Price discrimination is motivated by the firm's desire to:
When the price of SuperSparkle Toothpaste increases by 5%, the quantity demanded for SuperSparkle Toothpaste decreases by 20%. Calculate the price elasticity of demand for SuperSparkle toothpaste. Why does demand curve shift (left/decrease or right/i..
The BB&T Bank offers to pay 2% per year, annually compounded interest on savings deposit. The Wells Fargo Bank pays 2% per year, quarterly compounded interest. A man who has $10000 to put in a savings account will leave all money in the account for 2..
If the exchange rate rises, domestic goods become relatively ______ expensive. This change in the affordability of domestic goods makes domestic goods _____ attractive to foreigners. So, _______ ______. (choose - more,/less, imports/exports, fall/ris..
How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? The number of teenagers in the economy falls due to population aging. Mad cow disease, a rare but fatal medical co..
Explain why the budget line can be called "objective" but an indifference curve is called "subjective." Explain why, if a consumer is to be in equilibrium, the marginal rate of substitution of good X for good Y must equal the negative ratio of the pr..
Managerial economics and should include other criteria such as social responsibility and ethics. Remember to cite your authority and be careful not to plaigerize.
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