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CONSUMER PROBLEMS
1) Representing Budgets and Preferences: How do you translate from a description to budgets/indifference curves
2) Optimal Choice: At the optimal bundle what relation does the indifference curve have to the budget line?
3) Risk and Insurance: How do we represent a risk-averse consumer’s preferences over consumption in mutually exclusive and probabilistic states of the world.
4) Demand: How does optimal choice respond to changes in prices and incomes, at the individual and market level, for difference sorts of goods?
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course.
The following table is a record of the data of a competitive firm on labour and output: Reproduce the above table on your answer sheet and complete the table. How many units of labour should be employed to maximise profit? Briefly explain your answer..
Assume you have the power to make reforms to the way tax research and planning is currently conducted. Propose the reforms you would make. Justify your response.
q1. how would keynesian solve a recessionary gap using personal tax rates increase or decrease government spending
What are the benefits of specialization of production? What is an import? Export? What does it mean if a country has an absolute advantage in production of a good over another? What are some of the arguments in favor of international trade?
Perfect competition is a market environment with following features-
Equilibrium quantity must increase when demand
Two Division managers at King Size Manufacturing have been in a long discussion with top management about allocation of capital spending over the next three years. The current plan up for approval calls for the bulk of capital expenditures to go to D..
Assume that the economy is at the point where the short-run Phillips curve intersects the long-run Phillips curve, and that the Fed decides to lower unemployment. Graphically trace out the short-run and long-run effects of this policy decision. Expla..
A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 6 percent. This firm is earning $5.50 on every $50 invested by its founders. What is its percentage rate of return? What will be the rat..
Will’s grade (G) for an upcoming exam depends on the number of hours he studies marginal analysis problems (A), and the number of hours he studies supply and demand problems (R). Specifically, his grade production function is G = 7A0.5R0.5. What is W..
What is the definition of absolute price?
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