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Problem: Suppose that utility function takes this form: U1 = f(y1) + U2, where 1 and 2 stand for different individuals, and y1 is the income of 1, f(y1)>0 whenever y1>0 and f(y1) increases with y1. Meanwhile, the utility function for 2 is U2 = y2, where y2 is the income of 2.
(a) Is there any externality involved? Please first explain the meaning of externality. Then, explain why the above form of utility satisfies or does not satisfy the conditions of externality
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You are a manager for Herman Miller-a major manufacturer of office furniture. You recently hired an economist to work with engineering and operations experts
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The mission must comprise APA format references on the final slide and in-text references on the slide where information is presented.
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For each of the following scenarios, determine the effect on aggregate supply. 1) There is an unexpected decrease in oil prices. a)This will cause an increase in aggregate supply, shifting the aggregate supply curve to the right.
If the Government's expenditures were to increase by 50% what would be the resultant change in National income.
Some economists and political leaders (Former Senator Ron Paul being the most vocal) argue that the Federal Reserve has too much control over
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