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Question: Suppose there are two consumers, labeled 1 and 2, each of whom has a dollar of money income which can be spent on either private good x or public good g. Assume that the dollar cannot be divided between the two goods. That is, each consumer must either spend her whole dollar on the private good or spend it all on the public good. The utility function of each consumer i is given by Ui = xi + ß(g1 + g2 ). If ß < 1, what do you expect to be the level of public goods supplied by the two consumers? Suppose ß= 1. How does your answer change?
What does this say about the marginal return to labor
Calculate the appropriate value to use for income in your analysis. Explain why you choose to use that level of income and what is the dead weight loss associated with monopoly
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assume the graph below represents the market demand for a patented prescription drug together with the long run
BUS102 Introduction to Microeconomics - If Australia increases its production of ethanol from 40 barrels per day to 54 barrels per day, what is the opportunity cost of an additional barrel of ethanol?
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
karen runs a print shop that makes posters for large companies. it is a very competitive business. the market price is
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why did president obama want to repeal the bush era tax cuts on upper income taxpayers? how would the repeal of these
Liam O'Kelly is 20 years old and is thinking about buying a term life insurance policy with his wife as the beneficiary.
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