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Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A backstory for these preferences might be that he cares about total calories which he needs to survive, and joy. oreos and chocolate chip cookies are perfect substitutes in providing calories-the x1+x2 term-but only homemade chocolate cookies give him joy (the second term). His income is Y. a.) Suppose p2<p1. Assuming an interior solution, derive Cookie MOnsters demand for each good. b)Determine whether each good is normal, inferior or Giffen c.) What would happen to solution in a) if oreos were more expensive?
What will happen in the international market for gold if news of war causes buyers and sellers to expect high gold prices in the future? Provide a brief narrative explanation.
Does neoclassical economics focus more on long term economic growth or on recessions? Explain your answer. Does neoclassical economics view prices and wages as sticky or flexible? Why? Does neoclassical economists tend to focus more on cyclical unemp..
q1. assume the government decides to fight obesity in america by imposing an excise tax on the saturated fat content of
Personal values often represent individual characteristics and beliefs that determine people's behavior in various environments. Personal values and ethical standards are developed throughout life.
The market demand functions for corn is Qd = 15 – 2P, and the supply function of corn is Qs = 5P – 2.5. Suppose the government gives corn farmers a $0.70 subsidy per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and..
U.S. Higher alcohol taxes, more traffic deaths. Why might re be more traffic deaths in states that have higher alcohol taxes.
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. It is important to have the right mix of policies and that al..
Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Who should specialize in gathering nuts? Monk or Chip? both? or neither?
What global social interests or responsibilities, if any, do we have as consumers to the losers of globalization? Discuss and justify your postings and responses with other students in our course.
Initial economies of scale means that select one firms are experiencing lower average production costs due to a geographical concentration of firms in their industry that make it cheaper and easier to hire highly specialized worker and inputs firms w..
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Explain why it costs the government (taxpayers) more to subsidize this..
Will expansionary monetary policy cause crowding out of investment in a large country in a global economy with flexible exchange rates? Will expansionary monetary policy cause crowding out of investment in a large country in a global economy with fix..
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