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Suppose both Smith and Jones utility functions of U(X,Y) = XY1/2. Smith is endowed with (X, Y) = (9,25) and Jones is endowed with (X, Y) = (25,9).
Draw an Edgeworth box with indifference curves through this endowment.
At what combinations of X and Y are both better off (i.e., are Pareto Improving)?
At what combinations of X and Y are there no more gains from trade (i.e., are Pareto Efficient)?
If they agreed on a price of one X for one Y, would they be better off?
Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.
Explain what happen if all workers and jobs were identical, there would be just one wage rate, assuming perfect information and costless mobility.
The government wants to increase real GDP demanded to $15 trillion at the given price level
Describe how each of these activities affects government households as well as businesses.
If thousands of consumers begin buying MP3 players, illustrate what will take place to provide as a result.
The United States simultaneously limits imports of ethanol for fuel purposes also provides incentives for the utilize of ethanol in gasoline which raise the price of ethanol by about 15 percent.
What is the unemployment rate among the 500 surveyed people? Consider the following price information: Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00
They ask you what directive they should give to the open market desk. you tell them , being as specific as possibel, using the money multiplier. they ask you for two other ways they could have achieved the same end. You tell them.
If a company, new to international arena, is negotiating an agreement with a potential partner in an overseas country, what basic steps should it be prepared to implement.
Illustrate what type of market structure is auto industry. Has consumer surplus been affected in any way due to changes in auto industry structure and if so, how.
Congress cannot dictate how many workers industries hire at mandated wage. Given this fact, Illustrate what are effects of this law. Specifically, illustrate what happens to employment, output and total amount earned by workers.
Why these former employees faced difficulties because the market for their very technical skills was declining. These workers were.
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