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This question deals with an economy in which the issue of production efficiency does not arise, perhaps because there is only one factor of production. The requirement that a Pareto optimal allocation be production efficient is then replaced with the simpler requirement that a combination of goods lying on the production possibility frontier be produced.Consider an economy inhabited by George and Harriet, whose utility functions are
The total quantities of ale and bread that can be produced by the economy are a and b, and they are constrained by the production function
There are infinitely many Pareto optimal allocations. In one of them, Harriet's utility is 8.
a) An allocation in this economy is described by a list of four variables. What are these variables?
b) What four equations describe the Pareto optimal allocation in which Harriet's utility is 8?
c) Find this Pareto optimal allocation.
Two companies, Perfect Lawn CO. and Ideal Grass Co. are competing in the manufacture and sale of lawn mowers. Perfect has a somewhat older plant and requires a variable cost of $150 per lawn mower; its fixed cost are $200,000 per year.
Various computer manufacturers produce homogenous computers. Cost of production per computer is equal to $1000 + PM where the $1000 captures other computer component costs, such as the microprocessor, monitor, etc.
Explain the links between changes in the nation's money supply, the interest rate, investment spending, aggregate demand, and real GDP (and the price level).
To estimate the partial effect of X2 on y while X3 is kept constant, we need to estimate a regression model like y = β1+β2x2+β3x3+u
the neighboring towns of Arlington and Belmont are trying to decide in which locality to site a new waste incinerator. The towns will share the benefits of the facility and also share the costs. each estimates its net benefit from the incinerator ..
What are the various ways you could accomplish this? Which of your solutions do you favor?
There is much talk today about the demise of development planning. Many observers assert that development planning has been a failure. List and explain some of the major reasons for plan failures. Which reasons do you think are the most important?..
What determines the classification of the industry? How does this affect the pattern of international trade?
What are the relationships between health and education, on the one hand, and productivity and incomes, on the other? What can government do to make health systems more equitable?
Simplify depreciation to be calculated as straight line over 30 years. It will be financed with a 30 year loan at 8% interest compounded annually with annual payments. It will be sold at the end of year 15 for $300,000, at whi..
Evaluate this view in terms of the external economy model.
Does this cause "moral hazard"? Are the dangers the same as those of other kinds of state administration? Compare.
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