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An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium prices and consumptions for each type of person.
In Smalltown, the price of Twinkies fell from $0.80 to $0.70. As a result the quantity demanded of HoHo's decreased from 120 to 100. What would be the appropriate elasticity to compute
Suppose that the Fed is required to keep the inflation rate between 1 percent and 2 percent a year but with no requirement to keep trend inflation at the midpoint of this range The Fed achieves its target. a. If initially the price level is 100
Compute the elasticity for each variable and briefly comment on what that data gives you in each case.
A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today
Let ‘x' be the amount that player A asks for, and let ‘y' be the amount that B asks for, when making the first offer in an alternating-offers bargaining game with impatience. Their rates of impatience are ‘r' and ‘s' respectively.
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation What term do economists use to describe this..
Explain what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well): a. The price of Coke decreases. b. Average household income falls from $50,000 to $43,..
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $40 and the price at point e is $20 per bag. The price at point f is $32 and the price at point g is $4 per bag. Apply the formula for the area of a trian..
if the interest rate is 10%, what is the present value of a security that pays you $1100 next year, $1210 the year after, and $1331 the year after if the security sold for $3500, is the yield to maturity greater or less then 10% Why
Suppose that an economy consists of 100 households, 50 of which have no income in period 1 and income of $50,000 in period 2 and 50 of which have no income of $40,000 in period 1 and no income in perod 2. Assume that the price of the good in $1 in..
Use simple exponential smoothing with a=0.33 to forecast the tire sales for February through May. Assume that the forecast for January was for 22 sets of tires. Months / Auto Tire Sales Jan / 28 feb / 21 ..
The MacBurger Company a chain of fast food restaurants, expects to earn $200 million after taxes for the current year. The company has a policy of paying out half of its net after-tax income to the holders of the company's 100 million shares of c..
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