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Imagine a country divided into four equally sized classes, poor, lower middle, upper middle, and upper. Within each class, incomes are the same. Imagine incomes of the poor class increase by 20%, of the lower middle class increase by 30%, of the upper middle class increase by 27%, and of the upper class increase by 23%. Assume the average increase in income is 24.5%. Further, assume the class orderings are unchanged, and that population size has not change. Has inequality increased, decreased, or changed in an unrestricted way, according to the Lorenz criterion? Justify your answer fully. [Hint: beware of solving this question using an example distribution. For example, if you use (100,200,300,400) and then apply the changes, you realize the mean went up by 25.3%, not 24.5% as stated in the question. This exercise can be solved just by using the definition of the Lorenz curve; it helps to focus on the bottom and top income segments.]
Write out the supply of loans formula and use it to show what will happen to the supply of loans if private saving rises, then complete this sentence: What effect will the change in part “a” have on the real interest rate? Draw a graph showing the lo..
Under dividend-discount model stock prices: The difference in the price of a zero coupon bond and a coupon bond with the same face value and maturity are simply: To reduce overall portfolio risk through diversification,
Illustrate what is economy's aggregate consumption function. Illustrate what is marginal propensity to consume for economy.
You run a correlation matrix between Y variables auto sales in units and two X variables auto prices (X1) and car buyer’s income (X2). As expected auto prices had a high negative correlation to auto sales while buyer’s income had a high positive corr..
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no change..
A study estimates the cross-price elasticity between subscription satellite radio service and subscription Internet radio to be -2.5. Based on this information, we infer that the two services are
Illustrate what variables other than cost appear to have the biggest impact on the demand products
Recessions often are related to the fact that consumers consume less of many of the goods they typically consume. During a recession unemployment typically increases. Relate this behavior to the budget line and indifference curves that we studied.
A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm’s total costs are C(Q) = 50 + 10Q + 2Q2. How much output should the firm produce in the short run? What price should the firm char..
The majority of the world's diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follow there is moreshow problemThe majority of the worl..
q.assume that an economy characterized by m 6000 billionv 2.5p 100a illustrate what is the real value of output q?
Suppose a firm's demand curve is given by P = 120 - 0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or inelastic?
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