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Since 1900 real income has increased tremendously, yet the average number of children per family has decreased. Consider the following possible explanations and illustrate in terms of indifference curves and budget constraints of families between the number of children (put on the x axis) and all other goods (on the y axis). You should have three sets of indifference curves. One for each of the following scenarios.
a. Children are an inferior good; since we are richer now we want fewer of them.
b. Children are not inferior, but the cost of raising them has gone up.
c. Children are not inferior, nor are they relatively more expensive to raise, but tastes have changed. Couples want fewer children.
A firm has the production function y = x1 + min{x1, x2}. Draw three isoquants for this firm. Does this firm have constant returns to scale?
q1. suppose china produces both agricultural and capital goods. draw and show the change in the ppf when an outbreak of
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Should the company produce co..
The fact that the firms in an oligopoly are mutually interdependent means that each firm:
The Case in Point on America’s shifting comparative advantage suggests that the United States may have a comparative advantage over other countries in the production of high-tech capital goods. What do you think might be the sources of this advantage..
Illustrate what problems would occur if the managers of each division were given incentives to maximize each division's profit separately.
Suppose that in the loan described, the borrower made a larger payment, as indicated. Calculate (a) that time needed to pay off the loan, b) the total amount of the payments, and c) the amount of interest saved, compared with the original loan and pa..
Suppose the Caribbean market was deregulated so that the routes become perfectly competitive, find out the price and the number of trips for the Kingston-Georgetown route.
q.listing different orderings and coalitions is not going to work for this problem because there are too many
Germany and France produce guns and butter. Who has the comparative advantage in which good? You must show your work to get credit, e.g. by calculating the relative opportunity costs of guns in each economy. What is the range of exchange rates at whi..
Mark, a U.S. citizen, buys stock in a British Shipping company. This purchase is an example of a. investment for Mark and U.S. foreign direct investment. b. investment for Mark and U.S. foreign portfolio investment. c. saving for Mark and U.S. foreig..
Fetzer valves can be made in either China or the United States, but because labor in the United States is more skilled, on average, than labor in China, the production technologies differ. Consider the two production isoquants in the figure. Each rep..
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