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Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Each player has complete and transitive strict preference. Suppose the committee decides to operate on the basis of majority-rule: the committee strictly prefers alternative a to alternative b if a strict majority prefer alternative a to b. Let M be the committee’s preference. Based on the preferences of the committee members, (a) Is M complete and transitive? (b) Can you represent committee preferences by a utility function?
Explain how it will affect the number of employees you schedule. All other things being equal, what will happen to prices of the Galaxy and the iPhone.
Elucidate how an increased federal budget deficit resulting from a recession can actually help stabilize an economy.
Explain how foreign exchange rates are determined. How do changes in interest rates, inflation, productivity, and income affect exchange rates
Suppose that droughts in the Southeast and floods in the Midwest substantially reduce food production in the United States. Use the aggregate demand–aggregate supply model to illustrate graphically the impact in the short run and the long run of this..
What type of economic flow would be illustrated b the purchase of a Mexican candy-making factory by a US company.
The People's Bank of China, the country's central bank, raised the reserve requirements of its top commercial banks to put a squeeze on the credit market
Consider two workers with identical preferences. Phil and Bill. Both workers have the same life cycle wage path in that they face the same wage at every age, and they know what their future wages will be. Leisure and consumption are both normal goods..
People buy insurance. The highest incidence of those without health insurance occurs in which age category? One result of asymmetric information in health insurance markets is
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
Illustrate what is the (true) value of the marginal product of each black worker. Discuss the employment decision made by firms for which d = 0.2 and d = 0.8 respectively.
Explain how many cases of toothpaste should be produced in order to maximize profits. Illustrate what happens if its decided to raise prices unilaterally in this toothpaste market.
q.consider the application of the demand-revealing process to land assembly that we discussed in class. we defined d as
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