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Suppose that the representative consumer's preferences change, in that his or her marginal rate of substitution of leisure for consumption increases for any quantities of consumption and leisure.
(a) Explain what this change in preferences means in more intuitive language.
(b) What effects does this have on the equilibrium real wage, hours worked, output, and consumption?
(c) Do you think that preference shifts like this might explain why economies experience recessions (periods when output is low)? Explain why or why not, with reference to the key business cycle facts in Chapter 3
Here are only some stars to fully staff every team, but there are enough for a few to be on each team if an owner decided to hire them.
A firm (You) has to decide whether or not to enter a market which is serviced by a monopolist. Currently the monopolists earns $6 economic profits, while you earn $0. If you enter the market and the monopolist doesn't engage in a price war.
Suppose that you were an industry analyst trying to determine if the leading firms in the automobile manufacturing industry are playing a tit-for-tat pricing game. What real world data would you want to examine? What would you consider to be evidence..
Consider the production function f(x1, x2) = x21 x22 . Does this exhibit constant, increasing, or decreasing returns to scale? Consider the production function f(x1, x2) = 4x121 x132 . Does this exhibit constant, increasing, or decreasing returns to ..
q.statistical inference confidence intervals and hypothesis tests. suppose that a sample of economists are forecasting
The Townsville City Council is considering a proposal by the mayor to construct a recreational facility at a cost of $1.0 million. The facility is expected to have a useful life of 30 years during which operating costs are expected to average $100,00..
Elucidate how and why the unemployment rate fluctuates with the inflation rate as is depicted in the Short-Run Phillips Curve.
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Romans utility function os U(x,y)=6xy. The prices of goods x and y are $12 and $15. The indifference curve is tangent to his budget constraint, where he is consuming 20 units of good x. How many units of good y must he be consuming?
Identify the causes of the crisis, the steps the private and public sector took to resolve it, and what leaders should do to keep it from happening again.
Illustrate what monthly profit would she realize with that level of business during the next 3 years.
Consider a diagram containing isocost curves for the production of a given level of a final commodity in the household production model. Assume that purchased inputs are represented on the vertical axis while the time input is measured on the horizon..
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