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Question
Shelly and Ron are roommates. Their apartment has a fixed monthly rent, and a small water heater. Draw an Edgeworth box with rent on the horizontal axes and hot water on the vertical axes. It is efficient to split both the rent and the hot water equally. Draw this point on your Edgeworth box, and an indifference curve for both Shelly and Ron that goes through it. Ron is upset, because currently they are splitting rent equally, but Shelly is using all the hot water. He claims that there is a Pareto improvement from this allocation. Draw this allocation (shared rent, Shelly has all the hot water) on a new Edgeworth box and draw two reasonable indifference curves representing their utility at this point. Indicate the allocations that are Pareto improvements from this allocation.
You run a chain of movie theaters, so you commission a marketing study that categorizes your potential customers into 10 equal-sized groups according to what they’re willing to pay for a movie ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1).
Discuss the difference between a change in demand and a change in quantity demanded?
1. State the economic ideas of Smith. Do you agree with him? Why? Explain the Malthusian theory.
Are shocks to productivity or shocks to investment more likely to explain the negative relationship between unemployment and inflation?
Explain the levels of economic integration and trace the evolution of economic integration in Europe.
For their field project on the effects of competition a pair of ecology students studied two species of bivalve-eating starfish, the Newman Star
Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. If the price of heating oil rises from $1.80 to $2.20 per gallon, the quantity of heating oil demanded in the short run will by in the short run..
Describe how a contractionary monetary policy impacts a nation's international trade. Be sure to discuss the value of that nation's currency, the price of goods produced in that nation, and its trade balance. Describe the effect of expansionary econo..
Which of the following statements about a monopolistically competitive firm is TRUE?
Explain the meaning and significance for economic theory of the following statement: "There is no such thing as a condition free theorem".
Biophysical limits to economic activity might include:
Suppose the dollar exchange rates of the euro and the yen are equally variable. Which currency, the euro or the yen, would you consider riskier.
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