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In spending all his income on beer and pizza, Fred finds that the marginal utility of the last pizza is currently 8, the marginal utility of the last bottle of beer is 4, and the price of a bottle of beer is $1.50. If Fred has maximized his utility, the price of a pizza is:
Calculate the equilibrium interest rate by setting the demand for central bank money equal to the supply of central bank money.
the u.s. cigarette industry has negotiated with congress and government agencies to settle liability claims against it.
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
What are some of the reasons that the U.S. has greater degrees of income and wealth inequality than other high-income market capitalist economies?
This might be interpreted as an upward shift in the consumption function. How does this shift affect investment also the interest rate.
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
What are price indexes designed to measure. Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Then make an argument for why the government may still prefer using the other approach.
do you think the price of crude oil has produced an upward or downward supply shock, or neither? How can you tell? Looking at historical data, when did the most recent oil-related supply shocks occur?
Assume the United States has the following consumption information: GDP=Income $4000, $6000,$8000,$10000,$12000; Consumption $4500,$6000,$7500,$9000,$10500. Also the economy has G=$1100, I=$404, and Xn=$15. Unemployment in the economy is currently 5...
structural unemployment of 2 percent, seasonal unemployment of 0.5 percent and cyclical unemployment of 2 percent, illustrate what is natural rate of unemployment.
Which of the following is an example of a local monopoly as compared to a national or international monopoly?
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