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You are a consumer of both red wine and white wine. The price of red wine is $20 and the price ofwhite wine is $10. Your marginal rate of substitution is 1. By plotting red wine is on the horizontal axis and white wine on the horizontal, first show graphically and then by the utility-maximizing equilibrium equation, whether your consumption of red and white wine is in fact maximizing your utility. If so, explainwhy; if not, what changes in your consumption will produce higher utility.
A competitive firm has the production function q = f(L,K) = sqrtL + 2sqrtK , for which MPL= 1/2sqrtL and MPK = 1/sqrtK. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
What was the expected return on Columbus’s expedition, assuming that he had a 50 percent chance of discovering valuables worth $1 million, a 25 percent chance of bringing home only $10,000, and a 25 percent chance of sinking?
Assume that all cows are homogeneous. Explain how the international monetary system would operate if all central banks undertook to fix the price of cows in terms of each country's currency. Would you expect large fluctuations in exchange rates under..
Should the government increase the minimum wage? What should be the guidelines for an increase? What are some of the disadvantages of an increase?
You are an economic advisor to a new leader of a country that is trying to transition from a command-and-control economy to a market-based economy. Would you advise "gradualism" or "shock therapy"? Refer to historical examples from Commanding Heights..
Assume that equilibrium real GDP is $800 billion, potential real GDP is $900 billion, the MPC is .80, and the MPI is .40. What is the size of the GDP gap? How much must government spending increase to eliminate the GDP gap? How much must taxes fall t..
Describe the process in the money market (demand and supply of/for money) by which the interest rate reaches its equilibrium value if it starts above equilibrium.
Demand in a market dominated by two firms (a duopoly) is determined according to: P = 204 - 0.8Q The two firms have identical marginal cost of: MC = 29.7 Find the total quantity purchased by consumers when the firms form a cartel
Consider a two-firm oligopoly facing a market inverse demand curve of P = 100 – 2(q1 + q2), where q1 is the output of Firm 1 and q2is the output of Firm 2. Firm 1's marginal cost is constant at $12, while Firm 2's marginal cost is constant at $20. In..
Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
Using the Solow growth model with no technology growth and no population growth, write the fundamental equation of capital accumulation per capita and plot the time series for capital per capita, output per capita and consumption per capita when ther..
Suppose a caffeine-deprived man needs to wake up. Suppose his preferences on a day can be described by U=3*coffee+2*tea. If the price of coffee is $4 and the price of tea is $1. He has $12 to spend on these drinks on a day. Find his utility for the f..
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