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Provide short answers to the following questions.
(a) Inequality aversion in a social welfare function is essentially reflected in the way how utility of one person or group is traded for that of the other. While weighting their utilities helps to shift the priorities somewhat it does not alter the fundamental approach to such trade. Are these statements true or false? Explain your conclusions.
(b) Assume two normal and ordinary goods A and B. If the good A is taxed and its compensated demand is constructed around the customer after tax utility level, would the excess burden due to tax on A from the customer's compensated demand be greater or less than her deadweight loss from her ordinary (uncompensated) demand? Use the effects to explain.
If the cross elasticity of demand between peanut butter and milk is -1.11, then are peanut butter and milk substitutes or complements?
An engineer deposits $880 each month into a retirement account. After 30 years, the balance in the account is $1.9 million. Determine the effective annual rate of return for this account.
In the absence of government intervention, goods with external costs tend to be
Mark has a preference over Tofu and Ribs described by, U=3R+T, where R is slabs of ribs and T is pounds of Tofu. Graph the indifference curve associated with U=30. The price of ribs, Pr=$4/slab, and the price of tofu, Pt=$1/pound. Mark has $60 in inc..
What possible impact could this event have on European trade? Provide a credible citation.
If aliens come and take a large percentage of our cows what happens in the market for synthetic leather baseball gloves? (Assume a normal competitive market)(Show the graph, label all relevant points, and explain what happens to price and quantity. E..
"The theory of comparative advantage (and the associated projected economic gains from free trade) is a well-known economic theory, but what happens in the real world is closer to the opposite.
A current hot topic in accounting is the potential change from U.S. GAAP to IFRS. There is much discussion on the topic and one that is worthy of investigation.
Does the price ceiling increase, decrease, or have no impact on the deadweight loss in this industry?
With annual sales of over $16.3 billion and annual profits of around $1.5 billion, Nike is one of the giants in the sports apparel business, and its trademark “Swoosh” logo is recognized around the world. However, for a company its size, Nike directl..
Trace the problems inherent in the unequal distribution of the benefits produced by the American economic system. Focus on the efforts of labor to change that inequality and on capital to retain its favored position. Describe evidence of inequality a..
Under U.S. copyright law, authors have the exclusive right to their writings during their lifetimes – unless they sell this right, as most authors do to their publishers – and their heirs retain this exclusive right for 70 years after their death. Di..
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