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Problem: Maria has a limited weekly income of $9, and she spends it all on bandanas and Good G. Assume the price of each bandana is $1 and the price of Good G is $2 per unit. Calculate Maria's consumer surplus from the fifth unit of Good G. Show your work. Identify the quantity of bandanas and the quantity of Good G that will maximize Maria's total benefit given her weekly income. Explain using marginal analysis. If Maria's weekly income increases from $9 to $12, would Maria be able to buy 3 bandanas and 4 units of Good G? Explain using numbers. Suppose the price of Good G decreases by 5% and Maria buys 2% more of Good G and 4% more of Good R. Based on this change, identify whether Good G and Good R are substitutes, complements, or not related. Explain using numbers. Suppose instead that bandanas are produced in a perfectly competitive market and the price of the fabric used to make bandanas decreases. If bandanas are a normal good, will the quantity of bandanas that will maximize Maria's total benefit increase, decrease, or stay the same? Explain.
Imagine that domestic and foreign currency bonds are imperfect substitutes. Which exchange rate regime minimizes the effect on output-?xed or ?oating?
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