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A student is first and foremost interested in beer and would be willing to forgo any quantity a milk for the smallest additional quantity of beer. However, if the beer consumption is given, the student prefers to have more milk rather than less. Draw an indifference curve to represent these preferences.
Present a brief background and some history - Describe the evolution of the problem and the emergence of the UG business. Discuss the mechanics of operation of this UG activity, as well as the ways in which payments are made.
Bob's utility function is UB = (hB - 1)2sB where hB and sB are his consumption of hamburgers and salads respectively. Let p be the price of hamburgers measured in salads. Alice is endowed with one salad and two hamburgers. Bob is endowed with six sal..
Discuss and describe the effect you have on this process when you visit the ATM to get some cash to pay for your late-night pizza.
Joe has $16 to spend on Twinkies and Hohos. Twinkies are prices at $1 and Hohos are priced at $2 per pack.
How do externalities affect markets? Suppose a common resource –wood in a public forest- is being overused because residents consider the benefit of gaining firewood or wood for building but do not account for the cost of deforestation when chopping ..
Closed, Union, Open and Agency shops, National Labor Relations Act or Wagner Act of 1935, Taft-Hartley of 1947. Collective Bargaining, union members make 10 to 15 more than non-union workers. Why?
With the help of an IS-LM diagram, explain the effects of restrictive fiscal policy on the level and composition of output assuming flexible exchange rates and perfect capital mobility.
Explain the difference between normative and positive economics. Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
According to your readings, Explain in detail, make sure to mention the impact goverment purchase have on gross domestic product (GDP). also, makse aure you make mentio of how goverment purchases affect the privet sector. Finally, decribe how goverme..
What events, beliefs or situations might cause a consumer to demand and buy fewer goods and services this month than last month even if prices have not changed? (note the second, third and fourth words are plural)
Graphically illustrate the concept of an over-valuation of the dollar vis-a-vis the euro. What is the real explanation of the fact? Feel free to use your own data to illustrate the point.
What is the role of models in economic analysis? How can it be determined if the assumptions underlying the design of an economic model are overly simplified or overly limiting? At what point do the assumptions invalidate the model? Why?
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