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1. Describe the two branches of general equilibrium analysis.
2. Social welfare functions combine the utility levels of everyone in society into a single index. List three types of social welfare functions and discuss what they mean.
3. How do economists generally define efficiency in a market?
Looking at the pricing equations (1, 2), what implicit assumptions about causality are embedded? Build a P Monte-Carlo generator for the system of prices (M, {Pi}, π*) in continuous time, ignoring random auction times, pretending you see all prices a..
does the problem relate to a problem of property rights?
What sample size would be needed to estimate the true proportion of students at your college (if you are a student) who are wearing backpacks, with 95 percent confidence and an error of ± 0.04
Martha has $150 of disposable income to spend each week. She buys Malted milk balls and Snickers. Suppose that malted milk balls cost $2.50 per bag and Snicker cost $1 per bag. 1. What is the equation of Martha's budget constraint, assuming we wil..
Many historical accounts credit the economic success of the United States to its abundance of natural resources.
How does investment as defined by economists differ from investment as defined by the general public? What would happen to the amount of investment made today if firms expected the future returns to such investment to be very low? What if firms ex..
Assume that GDP rises from $550bn to $650bn. Assume that this results in the consumption of goods and services rising from $340bn to $400bn
Based on the information provided above, what should be the expected returns for A, B, and C according to CAPM? If you believe CAPM is correct, which securities do you want to favor and which securities do you want to shy away from?
Consider the production function in Learning- By-Doing Exercise 7.6: Q = L + K + M.For this production function, the marginal products of labor, capital, and materials are MPL = 1/(2 L), MPK = 1/(2 K), and MPM = 1/(2 M).
Why is it often suggested that imperfect information will result in a misallocation of resources? How can such a misallocation be avoided?
The short-run total cost curve of a firm in a hypothetical market is given by: STC = 10Q^2 + 4Q + 100 with short-run marginal cost given by: SMC = 20Q + 4 There are 100 firms in the market. Market demand is:Qd = 500 - Pmkt
show what happens to the nominal interest rate and the equilibrium quantity of loans when both borrowers and lenders increase their estimates of the expected inflation rate from 5 percent to 10 percent.
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