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Questions
1. Using an Edgeworth Box diagram, illustrate the concept of a Pareto improvement in an exchange economy consisting of two consumers with well-behaved preferences, two goods, and some initial endowment of the two goods. Label carefully all elements of the diagram. Define precisely the condition required for a Pareto improvement and point out in the diagram where this condition is satisfied relative to the initial endowment point.
2. using the information above redistribute the initial endowment to another point in the Edgeworth Box and explain where the condition for a Pareto improvement is satisfied for the new endowment. Then allow for the initial endowment being on the contract curve of exchange. Is it possible for a Pareto improvement to be made from this point? If not, why not?
Two firms, 1 and 2, individually choose and simultaneously submit a bid price for a given product. They can submit either a high price or a low price. If both firms bid high, the resulting payoff for each firm is $80 million. Identify the pair of pri..
Demand function for tickets for a rock concert has been estimated to be
What is meant by the term "vicious cycle of poverty"? What are the general experiences of developing countries in escaping this cycle during the past decades?
Over 4000 individuals called up Dr. Kalikorn and asked him to perform a new surgical procedure. Dr. Kalikorn booked 2000 of these and told the rest to seek care from another physician. What is his quantity supplied? Explain.
Metallic Engineering, Inc., a manufacturer of fabricated aluminum products for aerospace, engineering, automotive, and custom industrial applications.
Joe Johnson received 100 shares of Delta Inc. preferred as a tax-free stock dividend because of his ownership of its common stock.
Based on land, minerals and natural resources, labor and entrepreneurial innovation, which country do you feel has the greatest long-term potential China or Rus
Be sure to include: frequency, cumulative frequency, percentage, and cumulative percentage columns.
You estimate that other bidders are most likely to value the painting at between $200 and $600. Which of these is likely to be your best bid?
Elucidate how would an increase in airfares affect the number of highway fatalities in any one year
Suppose Alex runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a competitive market, and the market price is $25 per teddy bear. Use the blue points (circle symbol) to plot total revenue and the green poin..
The primary responsibility of conducting monetary policy rests with the: Credit cards do not fulfill the three functions of money. If there is an autonomous decrease in spending (a leftward shift in the aggregate demand curve) and the Fed wishes to h..
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