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A consumer's utility function is U (x, y) = x + y . Suppose he has income I = 5 and the price of y is 1. a) Draw the demand curve for x with Px on the vertical axis and x on the horizontal axis. (Hint: start with a really high price of x, think about how the consumption of x changes when the price of x keeps decreasing.) b) Calculate the income and substitution effects (with respect to x) when the price of x decreases from 0.5 to 0.2.
Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these two..
A change in the meeting time of the introductory one’s decision to go swimming economics course from 11:00 A.M. to 7:30 A.M. on one’s decision to attend the lectures
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
1. what is the regulation or statute for?2. who does the act protect?3. what are the consequences for violating it?4.
Calculate John's optimal consumption bundle, (X, Y). (Hint: Since John's indif-ference curves are not smooth and \curvy", we cannot use MRS = MRT to solve for the optimal bundle. Draw a diagram to see where the John's optimal bundle must be on his ..
Assume a bank has $200,000 in deposits, a needed reserve ratio of 10%, and bank reserves of $50,000. Then the bank can make new loans in the amount of?
1. Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argue..
suppose that the short-run world demand and supply elasticities for crude oil are -0.076 and 0.088 respectively. the
ceteris paribus that is all other things equal or assuming no changes to performance in future years and no change in
You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?1. A surprise increase in investment spending 2. Catastrophic floods that ..
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
A poor person who has an income of $1,000 receives $100 worth of food stamps. Draw the budget constraint if the food stamp recipient can sell these coupons on the black market for less than their face value.
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