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Kitchen Remodeling Project - A houseowners son has agreed to invest some money in materials for remodeling of his parents kitchen, if he can decorate kitchen and the cabinets in vinyl he likes. He and his wife live in the house in a basement apartment, and they use the kitchen quite a lot. The problem is that the owner's son has horrible taste. The owner needs the money, but doesn't want to turn control over to the son. The son feels that since he will use the kitchen a lot and is investing money, he should determine the decorating. Since their tastes are completely different, their goals for the final "look" for the kitchen would be completely different.1. How do their goals fir our goal conflict guidelines?2. What are the issues in the conflict between the two?3. Suggest at least four possible solutions to the conflict.4. Write the goal statement of the solution that best resolves the conflict.
Explain why user cost, or scarcity rent, arises in the intertemporal allocation of a depletable resource such as minerals, and some types of energy and aquifer water resources.
What is the firm's cost function when the cost of pollution certificates is included? What is the firm's marginal cost function when the cost of pollution certificates is included? Derive the firm's supply function.
If the government uses its knowledge of its monopolistic position, Illustrate what criteria will it employ when determining how many soldiers to recruit. What happens if a mandatory draft is implemented.
Discuss how each of the following will affect the marketplace clearing price and quantity in each market. How does the supply and/or demand curves will shift in the following cases.
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Illustrate what are the three major categories of revenues for the federal government. Please comment on each and indicate their relative importance to each other.
Is your employee affected by increases in the minimum salary. In what way is your employer affected by minimum wage increases.
Identify that a risk averse agent offered terms worse than actuarially fair will not choose to insure fully.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Elucidate how an increase in your nominal income and a decrease in your real income might occur simultaneously.
Estimate the relationship among inflation and unemployment.
Find out the equilibrium market price. Find out the profits of the leader and the follower
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