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Q1. Suppose that Ike is loss averse. In the morning, Ike's stockbroker calls to tell him that he has gained $1000 on his stock portfolio. In the evening, his accountant calls to tell him that he owes an extra $1000 in taxes. At the end of the day, does Ike feel emotionally neutral since the dollar value of the gain in his stock portfolio exactly offsets the amount of extra taxes he has to pay? Explain.
Q2. Consider the CES utility function U (x, y) = (√x + √y)21. Find the expression for the indifference curve and plot an indifference curve forU = 64.2. Using the Lagrangian method, find the optimal quantities of X and Y consumed, given Px, Py and I (income).3. Find whether good X and good Y are inferior or normal.4. Can you say whether X & Y are substitutes or complements? Explain.
Discuss the Social Security System, current status and future outlook. Be thorough and focus on the economic considerations. Cite at least 6 sources.
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Consider a couple's decision about how many children to have.Assume that over a lifetime a couple has 200000 hours of time either work or raise children.The wage is RM10 per hour.Raising a child takes 20000 hours of time.
Solve for the equilibrium interest rate. Solve for equilibrium value of consumption and investment.
This is an essay question, but I don't know how to explain. Should I use the supply-demand curve to explain, or use the marginal cost- marginal revenue curve to explain this question.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
A firm that finds it extremely expensive to monitor the output of each worker will likely pay its workers
Watch the video titled Fear the Boom and Bust. Using the tools of macroeconomics, identify the primary difference between the two philosophies.
Arnett is appearing for a new Web portal to utilize to access information which interests him on Internet.
PbP Company have pay $10,000 to disassemble and ship the furnace to the new owner. What is the net cash flow after tax as it will result from selling this furnace in the year 2012.
We operate 300 days per year and have found that an order must be placed with our supplier 6 working days before we can expect to receive that order.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
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