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Explain, based on the given information about the economy, whether the current situation for the economy is Pareto efficient or not. If it is not, give a specific example of a change that makes someone better off and no one worse off. If it is PE, explain why every change that helps someone hurts someone else.
a) An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer. If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. The consumer prefers 75 bread and 60 butter to 100 bread and 50 butter. It is so much better that the consumer would pay $40 more to have 75 bread and 60 butter rather than have 100 bread and 50 butter.
b) An economy has two consumers, a total of 7 apples and 8 oranges. Both goods only available in whole quantities. Currently consumer R has 6 apples and 7 oranges and consumer P has the remaining apples and oranges. For Consumer R, 6 apples and 7 oranges(current allocation) is indifferent to 7 apples and 5 oranges as well as 3 apples and 8 oranges. For Consumer P, 1 apple and 1 orange(current allocation) is indifferent to 0 apples and 3 oranges as well as 4 apples and 0 oranges
How are final goods that are unsold and held in inventory accounted for in the national income accounts? If the Federal government consistently runs deficits, and nothing else changes in the economy, what must happen to market interest rates and why?
Domino Sugar Company is considering buying Fisher Honey Company for $100 million. Based on information obtained from 500 supermarkets around the country, when the price of 1 lb. of Domino Sugar went on sale from $2.00 to $1.50, the average number of ..
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If the incremental federal income tax rate is 34% and the incremental state income tax rate is 6%, what is the effective combined income tax rate (t)? if the satiate income taxes are 12% of taxable income, what now is the value of t?
Suppose Atlas Publishing, a perfectly competitive firm, currently produces 2,000 maps per day at a total cost of $1,600. At its current level of output, Atlas is producing where the marginal revenue curve intersects a rising marginal-cost curve. Whic..
Would it be fair if colleges allocated seats in courses on the basis of price? In other words, let students bid for available seats in classes, rather than using a first-come, first-served system based on some sort of administrative procedure. Explai..
Suppose the People's Bank of China wishes to peg the rate of exchange of its currency, the Yuan, in terms of the U.S. dollar. In each of the following situations, should it add to or subtract from its dollar foreign exchange reserves? Why?
Illustrate what is the risk premium on the market. Illustrate what is the required return on an investment with a beta of 1.5.
Suppose that a developing country devotes extensive resources towards improving the education and skill level of the labor force. How might this help the country avoid a coordination failure? Is this strategy likely to be successful? Why or why not?
Evaluate any competitors' existing production in the chosen country.
When there is no external market for the downstream firm's critical input, the marginal revenue for the downstream firm is:
Read the attached article "The world economy calls: Will improved communications attract call centers to Africa?" from the Economist magazine. Then answer the following questions: 1. List at least three factors that make Kenya an attractive site f..
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