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Assume that we have Ricardian equivalence. This implies that consumption depends on expected life- time incomes and that individuals understand the government's intertemporal budget restriction.
a) How will consumption be affected by a tax reduction today if future government consumption is assumed not to be affected? Motivate your answer using the intertemporal budget restrictions that households and the government are facing!
b) Is Ricardian equivalence a reasonable description of reality?
What impact does the privatization of prisons have on providing rehabilitative services that would help prisoners rejoin society productively and curb recidivism? Explain.
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage r..
Find two points on the curve that have a common tangent line. Bonus: Prove that there are only two such points. I have a midterm tomorrow and I cannot solve this. Can someone solve and explain how/why they did what they did?
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, How will a successful campaign that decreases the supply of drugs influence the price
shut down her business in the short run but continue to operate in the long run. continue to operate in the short run but shut down in the long run.
Using two graphs, show consumer surplus before and after government intervention.
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an exa..
How do costs play into your everyday life For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
After few years, cost of production of Panadol increased due to increase in price of paracetamol (one of the main ingredient used in the production of Panadol). Due to this increase people started using Disprine instead of Panadol.
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