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Suppose that there are two goods.
(1) Explain the differences of Marshallian, Hicksian, Slutsky demand curves. You can explain verbally or you can use the graphs.
(2) Suppose that the price of good 2 increases from the initial prices. Explain Slutsky substitution effect and Hicksian substitution effect in the graphs.
(3) Can you compare the slopes of Hicksian demand curve, Marshallian demand curve, and Slutsky demand curve at a point they intersect, if good 2 is a normal good? If so, what are the differences?
Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
Describe three major shifts in the scope of the federal government’s power that occurred between the Civil War and the present.
Explain how the indifference curve and budget line apparatus are used to derive a consumer's demand curve.
Using the Internet, library and/or other resources, research and briefly elucidate methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
Labor turnover during periods of economic expansion is largely the result of: Full income. If leisure is a normal good, an increase in nonlabor income will cause the quantity of labor supplied to:
Sketch a supply-demand graph for sunflower. Identify the price and quantity sold on the axes. Now draw a second demand curve to the left of the first. What happens to the price? What happens to the quantity sold?
What is the lowest the ex-ante interest rate can go if the nominal interest rate is 2.42%, given the change in Joe's inflationary expectations
Explain in detail the problem the country is facing. Government could address the problem with either increasing government spending, cutting taxes, or both. If the government decided to increase spending to address the problem, by how much should sp..
illustrate what dollar amount will the profit margin.
In 2010, 500 radios were produced and 100 computers were produced. price of radio was 100 and computer was 1,000. In 2015, 550 radios were produced and 900 computers were produced and price of radio was 150 and price of computer was 400 Compute the p..
Let’s explore retirement planning analysis by calculating the data and sketching a graph that shows the relationship between interest rate and length of the annuity, i.e. the period that monthly withdrawals are made from the retirement account.
Now suppose instead of consuming pizza, Ann and Bob are choosing how much clean air to consume. What will be the aggregate demand for clean air? Suppose the constant marginal cost of clean air is $6, if Ann and Bob individually choose how much clean ..
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