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The utility that Meredith receives by consuming food F and clothing C is given by u(F,C) = FC Suppose that Meredith"s income in 1990 is $1200and that the prices of food and clothing are $1 per unit for each. By 2000, however, the price of food has increased to $2 and the price of clothing to $3. Let 100represent the cost of living index for 1990. Calculate the ideal and the Laspeyres cost-of-living index for Meredith for 2000. (Hint: Meredith will spend equal amounts on food and clothing with these preferences.)
The budget deficit is of tremendous concern and all law makers agree that some measures should be taken to reduce it. However, The Republicans see the issue as a spending problem, while the Democrats see it as a revenue problem.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
You do not need to provide actual numbers; rather, show on the price axis where the price would be before the externality is considered and the price after the externality is included. What problems might exist in determining this new, externality..
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
Assume that we have Ricardian equivalence. This implies that consumption depends on ex- pected lifetime income and that individuals understand the governmentís intertemporal budget restriction. B) How is private consumption today affected.
In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along the curve. Determine which curves is involved and the direction of change.
You have learned that a subsidy is preferable to a tariff if the objective is to generate a given amount of employment in an individual industry. Explain this point in language understandable to someone untrained in economics.If you were an import..
The manager at Sherwin -Williams store has decided to purchase a new $30,000 paint-mixing with hi-tech instrumentation for matching color and other components. The machine may be paid for in one of two ways:
Set up the consumer's utility maximization problem for prices pi, p2 and income m and how can this person be better off than by consuming the bundle
What is the monopolist's profit-maximizing level of output and what price will the profit-maximizing monopolist charge?
What are the difficulties in measuring this within one country and making comparisons of the standard of living of people in different countries?
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
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