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Ken Erdedy owns 14 units of marijuana. He both consumes it and sells it; and the latter activity is his only source of income. His utility function is U(x,y) = x^4 * y^1, where x denotes the units of marijuana he consumes and y denotes the composite good, i.e. the dollars he spends on everything else. The market price of the marijuana changed recently from 15 to 19. What is the wealth effect of this price change (using Hicksian decomposition) on marijuana?
Consider a constant cost perfectly competitive industry which is initially in long-run equilibrium under current demand conditions. Assume that the number of firms in the industry is fixed at its current level ie: the number of firms cannot be change..
Currently the foreign earnings of U.S. multinational companies are taxed only when the income is returned to the United States. Taxes are deferred if the income is reinvested abroad. The department seeks a tax rate that will maximize total tax reve..
What is meant by constant opportunity costs and increasing opportunity costs? Under what conditions will a country experience constant or increasing costs?
To slowdown the economy and prevent overheating (inflationary pressure buildup), fiscal and/or monetary policies can be employed. Using Aggregate Demand.
Draw a diagram showing two conductors conneting a battery to a load resistance through a closed switch. Show the magnetic field of the current in the negative side of the line and in the positive side.
Did JAL's forward contracts constitute an economic hedge? That is, is it likely that JAL's losses on its forward contracts were offset by currency gains on its operations?
Comment on the levels of the independent variable that were used. What other dependent variables could be recorded? Comment on the conclusion by the experimenter.
The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform.
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
Let B denote the number of bicycles produced from x_F units of bicycle frames and x_T units of tires. Suppose that every bicycle needs exactly two tires and one frame.
1. show what happens to producer surplus worker surplus and the gains from trade as workers migrate from a low- wage to
Use the graphical method to determine how many of each type of boot should be produced and what are the shadow prices of materials and labour?
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