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1. Draw a graph showing the consumer's surplus Jim would get from his strawberry purchase in Test Yourself Question 5, and check your answer with the help of your marginal utility table.
2. Consider a market with two consumers, Jasmine and Jim. Draw a demand curve for each of the two consumers, and use those curves to construct the demand curve for the entire market.
A box of chocolates is to be shared by two children. The box contains ten milk chocolates and ten plain chocolates. Neither child likes plain chocolates. Describe the Paretoecient allocations.
Check the Federal Reserve Board's semiannual monetary policy reports to the Congress (www.federalreserve.gov/boarddocs/hh).
Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists' labor. His production function is Q = 0.1 * J1/2L Where J is the number of old jokes used, L the number of hours of cartoonists' labor used as inp..
Economic growth, as examined through raise in real GDP per capita, is a target for most countries. This is often interpreted as an raise in economic welfare for citizens.
In the light of the law of comparative advantage, how would you expect production and trade in China to alter over the coming years and why?
When the price for a color television is $240, the monthly sales for this item at a department store is 450. For each $5 increase in price, the monthly sales fall by 5 units. How many color televisions should be sold to maximize monthly sales and ..
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
Calculate the change in the level of real GDP demanded for each of the following values of MPC. Then calculate the change if the government, instead of reducing its purchases, increased autonomous net taxes by $10 billion
The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price of luxury boats is $1 million and 240 luxury boats a week are brough. now luxury boats are taxed at 20 percent..
The company's engineer estimated that the production of the new product has a 88% learning curve applied to labor required, and the time to complete the first unit was 54 labor hours. Assume the time required to complete the 10th unit and the comp..
To prevent inflation, the Bank of Canada should follow Teddy Roosevelts advice: Speak softly and carry a big stick. What would the Banks big stick be? What is the statement trying to say?
In 1990 Mrs. John Hay Whitney sold her painting for $71 million. The buyer also had to pay the auction house commission of 10%, or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000.
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