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(a) Given a budget constraint p1x1 + p2x2 = I, consider an interior solution to the utility maximization problem. Find the demand function for good one. Then find the price elasticity of demand for good one. Is it elastic or inelastic? What parameters does this elasticity depend on? What does this elasticity tell you about the demand for good one?
(b) Find the income elasticity for good one. What does this tell us about the relationship between income and the amount of good 1 purchased? Under what circumstances does this seem a plausible model of behavior?
How much would you pay today for the following coupon bond where the coupon is received once a year over the 5 year holding period. As always show all formulas, calculations and work for full credit. Define interest rate risk. Show using a numerical ..
How do you find consumer surplus, producer surplus, and total surplus from these two equations? Supply: Qs=4p-80, demand: Qd=100-2p
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)?
One implication of the Lucas Critique is that
The table on federal income tax rates facing various income groups suggests that the marginal tax rate in the United States has fallen. What would be your prediction as to how this decline in marginal tax rates could affect the quantity of Labor supp..
Explain terrorist attacks foster instability and may affect productivity over the short and long term.
Which of the following is a valid reason as to why prices will not always adjust to changes in spending?
How does this variation affect people and corporations? Use the graph functions of Word or Excel to assist you-You will need two graphs.
Americans are known for their long-term love affair with their cars. But as gasoline prices soar and concern about the environment mounts, the need to conserve gasoline has become increasingly clear. What would it take to reduce the overall demand fo..
There are many “in-kind” versus cash payments made by the government to citizens such as food stamps, medical care, and public housing. Use an indifference curve/budget line diagram for “food” and “all other goods” to demonstrate that receiving food ..
When a perfectly competitive firm (that sells its good for $18 per unit) hires 1 unit of factor X it produces 35 units of output and when it hires 2 units of factor X it produces 55 units of output. Marginal revenue product of the second unit of fact..
q1. jaes building a corporation which follows short-run cost functionq3 - 10q2 36q.a. illustrate what is the level of
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