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Suppose that people derive utility from two goods---housing (H) and all other consumption goods(C).
a. Show a typical consumer's allocation of his or her income between H and C
b. Suppose that the government decides that the level of housing shown in part a (say, H*) is "substandard" and requires that all people buy H**>H* instead. Show that this law would reduce this person’s utility.
The highway department expects the cost of maintenance for a piece of heavy construction equipment tp be $5000 in year , then increase to $5500 in year 2, and increase $500 annually till year 10. At interest rate 10% per year determine the present wo..
Elucidate what evidence of excess supply or excess demand can you cite in these examples.
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
American (domestic) current event, firm, or market. Foreign (outside of the U.S.) current event, firm, or market. Favorite Case Study from the Modules Forum. How has this course changed your thinking about the economy & your own economic approach t..
Suppose you consume nothing but goods X and Y. We have two years.
The city of Greenville is concerned about rising rent for low-income households. Several policies being considered. Suppose there are a large number of construction companies, Instead, suppose the government pays each firm $50 per low-cost house buil..
Elucidate how a bartender would know that the price of an exotic drink was too low or too high. Provide adequate conceptual justifications.
Does the free-market (i.e. unregulated) use of common resources tend to be more or less than the socially optimal level?
Movie attendance dropped 8 percent as tickets prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have ch..
We can be certain that in the short-run a monopoly will produce the level of output that minimizes the cost on per unit basis. A well developed financial system helps reduce the effect of the initial investment requirement as a potential barrier to ..
Utilize these values at this point on demand to make the subsequent computations.
Analyze the tasks involved in developing a retail marketing strategy to determine which task presents the greatest number of potential challenges to the retailer you selected. Explain your rationale.
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