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The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
1. Taking away some of good 1 and giving Mars 2 units of good 2 for each unit of good 1 taken away will necessarily make him worse off.
2. Taking away some of good 1 and giving Mars 2 units of good 2 for each unit of good 1 taken away will necessarily make him better off.
3. Giving Mars some of good 1 and taking away 2 units of good 2 for each unit of good 1 he is given will necessarily make him worse off.
4. Giving Mars some of good 1 and taking away 2 units of good 2 for each unit of good 1 he is given will necessarily make him better off.
Explain the concepts of scarcity also choice also elucidate how they function in economic system.
You are the manager of a business in a competitive market and your production technology is described by the total cost function. Determine the optimal quantity to produce and compute the profit of your business. Determine the optimal quantity to pro..
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Coke could have followed the price per unit down, but it didn't. Total soft drink demand increased, and Pepsi took a larger share of the demand.
GDP and the Multiplier Application. Most estimates indicate that the marginal propensity to consume in China is approximately 0.50. If we ignore a rise in the price level generated by a boost in aggregate demand that results from an increase in real ..
When looking at inflation, you will find that this is measuring how much prices change. How does this influence the unemployment rate?
q1. it some respects karl marx could be thought of as one of the last of the classical economists. analyze this
The business cycle is measured in terms of changes in real Gross Domestic Product and is associated with changes in the unemployment rate. The financial performance of most industries is affected by the business cycle, although not equally. Consider ..
The national bureau of economic research in December 2010 reported a study by Elizabeth Wilde, Lily Batchelder, and David Ellwood that a highly skilled woman loses anywhere from $230,000 to $349,000 in lifetime earnings by having children. What are t..
Assume the supply function for good X can be written as Qs = -100 + 27Px - 5Py - 1.8W, where px=the price of x, Py=the price of good y, and w = wage index for workers in industry x. According to this equation: 1. each one unit increase in price cause..
More labor resources—What is the evidence for the United States and Japan? Look for Labor Force Statistics from the Current Population Survey and click the Most Requested Statistics icon. Find U.S. civilian employment data for the last 10 years. How ..
Second, it will not reduce bene ts for the rst $3,000 earned by the workers. After this, it will reduce bene ts at a reduction rate of 50%. Draw the budget constraint facing any worker under the proposed new program.
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