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Questions: 1. Suppose M = 20, p1 = 2 and p2 = 1 initially, but then p1 is then lowered to 1. Show graphically the utility maximizing points chosen by a consumer for whom this good is a Giffen good. Can your sketched indifference curves be consistent with a Cobb Douglas utility func- tion? Explain.
2. What are luxury, nessesary and inferior goods? In a two good world if one good is a luxury good must the other be inferior? Explain.
What are the shortcomings of GDP deflator and CPI as measures of inflation? What are the effects of inaccuracy in measurement?
Suppose that a small town uses a referendum to overcome free ridership problem & determine how its residents might value a new water filtration system for its public water supply.
Why are there still poor people in America half a century after the implementation of a system of social welfare programs that were designed to end poverty?
The utility-maximization model assumes that the typical consumer is rational and acts on the basis of well-defined preferences. Because income is limited and goods have prices, the consumer cannot purchase all the goods and services he or she migh..
If the interest rate on U.S. Treasury Debt is 3 percent, how much do foreigners collect each year from the U.S. Treasury? (Assume total debt of $13 trillion.)
The rates of server for performance monitoring were officially defined for 2008 also represents a reduction
Research trade between the United States and another country in any one of the following areas: customer support services, garments, medical services, or technical products. Discuss the following points a. How is this trade arrangement beneficial
Why are economists concerned about inflation? If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP?
for the protons labeled ha and hb in the structure below predict the characteristics of their signals in the 1h nmr
Explain how shifts in the income and substitution effects can help us understand these developments.
Select a political, economic, or social factor to explain your view. For example, are there political reasons one group or another faces or does not face discrimination? Are there economic reasons for inequality? Are there societal norms that dict..
How do fluctuations in aggregrate demand and short-run aggregrate supply explain Canada's current decline/or increase real GDP?
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