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DECOMPOSITION OF PRICE EFFECTS (Microeconomics) An individual, who has income I, cares only about two goods: X and Y. Their prices are Px and Py, respectively. The individual's utility function is U(X,Y)=aln(X)+(1-a)ln(Y). Suppose that initially I=50 and Px=Py=5. Later, there is a change in Py such that the new (lower) price for Y is Py=1. Calculate the total effect on the consumption of Y produced by this drop in the price of Y. Also, calculate the substitution effect and the income effect.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
Illustrate what would happen to the firm revenue if it decided to charge a price above $354.
Illustrate what entity establishes a cost ceiling and does it require government sanction for violators. Will it result in a surplus or a shortage.
If there was a capital gain tax of 30 percent, what is the after-tax real interest rate, with the inflation rate of 8 percent.
Explain how do you think that these individuals would rank the utility of these same expenses for themselves. What reasons may account for the similarities and differences in the ranking of such expenditures by your neighbor, your friend, and your..
Explain how much is saved at equilibrium. If savings fell by $200 at every level of GDP, illustrate what would be equilibrium level of income.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
Explain why would elasticity of demand be important to you in determining the products on which the taxes should be leived.
What reliance performance would be measured efficient. Elucidate reliance behavior which would be considered excessive.
Illustrate what way might society gain if Fed implements policy you have proposed instead of simply permitting long-run adjustments to take place.
Elucidate how absolute also comparative advantages were used in your simulation. Elucidate the influences affecting foreign exchange rates.
why Marx calls it an ‘absurd tautology' that value of labour is determined by that labour. How can a tautology be absurd.
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