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Assume that there is a simultaneous increase in household income and in the opportunity cost (the price) of rearing children relative to other goods. Please analyze the possible impact of such changes on the desired number of children per family, using the microeconomic household theory of fertility’s diagram.
Assume that children are considered normal goods, like most commodities, and the number of desired surviving children is measured along the horizontal axis. Be sure to label: i. the axes; ii. the curves; iii. the initial and terminal optimum consumption bundles that maximize family satisfaction; iv. the direction the rotation of the budget line. State in words what happens to the number of desired children per family (if any). Give an example of polices that may lead to this outcome.
Consider an industry with two firms (duopoly) the produce a homogenous product (same product). The two firms strategically choose their price (price is the choice variable, not quantity). Note, this is a Bertrand duopoly setting. Use your knowledge o..
After the age of 25, persons with college degrees cam more than persons with no education beyond their high school degrees, ceteris paribus. Moreover, persons with high school degrees cam the same as persons who have had some college training-no matt..
A basic assumption of traditional economic models is that human beings are rational. An investor wants to maximize returns at a given level of risk, or minimize risk at a given level of returns. However, humans face behavioral influences that could n..
Explain the differences between external costs, private costs, and social costs and how the presence of external costs leads to market failure.
q. two companies a as well as b are duopolists that produce identical products. demand as well as for the products is
Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being ..
An electronics firm sells 1,000 HDTVs per week at a selling price of $450 each. A market survey indicates that for each $10 reduction in selling price, the number of TVs sold increases by 100 per week. Write the total revenue function. If the firm we..
Discuss the difference between second-party payment and third-party payment in regards to insurance companies.
Types of oligopoly that pertains to the automotive industry. The four assumptions that relate to game theory. Which types of game theory are applicable to the automotive industry?. Type(s) of Nash equilibrium that exist with the automotive industry.
Applying the principles of the Keynesian model, what specific economic policies would you propose to accomplish these goals.
if the long run aggregated supply is drawn at an economy's natural rate of unemployment, how can any points on the short run aggregated supply lies to the right of long run aggregated supply?
Tamara's best friend, Janine, who had been having bad luck the past couple of years developing good relationships, finally meets the "man of her dreams." She has been dating him for several weeks. There is only one problem: this man is married. To fu..
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