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Consider a world with two countries (US and China) and two products (Computer and iPhone). In the US it takes 1 worker to make one computer or 1 worker to make one iPhone. In China, it takes 2 workers to make one computer or 2 workers to make one iPhone. Let the utility of the representative agent in each country be:
U = (C)^1/3 (I)^2/3 where C is the consumption of computers, I is the consumption of iPhones.
Walton and Rockoff present a partial list of the institutional determinants that allow modern economies to flourish: The rule of law, coupled with limited government and open political participation. Rights to private property that are clearly define..
According to our discussion in class, the price of tuition at for-profit institutions (such as the University of Phoenix) tend to be much higher than people expect. For-profit institutions produce much better outcomes than public institutions, so the..
q1. in july 2012 u.s. gasoline had a nominal price of 3.49 and in july of 1992 it was 1.14.determine the real price of
Why should this policy be undertaken under conditions where economy is at some GDP level less than full employment level? You may use a long run aggregate supply curve to bolster your argument here.
Suppose that the demand curve for wheat is Q = 100 - 10p and that the supply curve is Q = 10p. What are the effects of a specific tax of t = 1 per unit on the (1)equilibrium, (2)government tax revenue, (3)CS, (4)PS, (5)welfare, and (6)DWL?
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits?
Describe partnership contributions and distributions. Please include information on the taxability of partnership contributions and distributions and how the IRS has created various elections to counterbalance or minimize the uneven effects of certai..
This question asks you to use the Solow growth model to analyze the effects of immigration. Suppose output is produced with the production function Y = A(K/N)^α. Capital depreciates at rate δ, and productivity, A, is constant. The saving rate, s, is ..
During an outbreak of disease there is a test that can identify the disease early, saving $10,000 in treatment costs per case identified. This test identifies the disease 70% of the time in those infected and costs $500 per test. Another, more expens..
Suppose that hedonic wage studies indicate a willingness to pay $75 per person for a reduction in the risk of a premature death from an environmental hazard of 1/50,000. If the exposed population is five million people, what is the implied value of a..
Describe a situation in which there is an economic argument for regulation the quantity of pollution reduction in order to achieve reduced pollution levels rather than using a tax.
Describe how a country producing more capital goods rather than consumer goods ends up in the future with a PPF that is larger than a country that produces.
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