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1. Give three reasons that an equilibrium might not be Pareto optimal.
2. What are the effects of an increase in government purchases?
3. Why does government spending crowd out government purchases?
Assume (as usual) the representative consumer maximizes utility. Find the consumer's optimal consumption and leisure decision. Plot this representative consumer's labor supply function. Would a decrease in the tax rate t affect the optimal amount ..
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research AT&T spends $15 million on related paper work and compliance costs. Depending on the locale, telecom taxes ca..
refer to the following matrix, where each entry shows the level of utility attained by group members from following a particular strategy. Cooperate Shirk Cooperate 10,8 5,4 Shirk 6,10 8,7 If there is as..
Eight marks are reserved for your explanation. The average household income rises by five percent and there is an increase in the demand for board games by 15%. Board games are normal goods but are income inelastic.
In an examination of purchasing patterns of shoppers, a sample of 16 shoppers revealed that they spent, on average, $54 per hour of shopping. Based on previous years, the population standard deviation is thought to be $21 per hour of shopping.
A woman made 10 annual end-of-year purchases of $1000 worth of common stock. The stock paid no dividends. Then for 4 years she held the stock. At the end of the 4 years she sold all the stock for $28,000.
What are the long-run equilibrium values of output, the real interest rate, consumption, investment, and the price level?
The perimeter of a rectangle is growing at the rate of 12 m/sec. Its diagonal is growing at the rate of 4 m/sec. At a certain time one side is 4 m long and the other side is 3 m long. Find the rate of change of each side. Are they growing or shrin..
Suppose a person expects to live six periods. This person has no accumulated wealth and receives an income of $15 in each of the first 4 periods.After period 4 this person retires and receives no wage income.
Now suppose the firm's total and marginal cost are as follows: TC = 6800 + 20 Q (The cost function includes advertising costs.) MC = 20 Assuming the number of ads remains at 25, what price should STS charge to maximize its profit
a firm produces digital watches on a single production line serviced during one daily shift. The total output of watches depends directly on the number of labor hours employed on the line. Maximum capacity of the line is 120,000 watches per month.
Suppose a competitive firm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C(Q) = 10Q + (Q2/160). The marginal cost is given by MC = 10 + (Q/80).
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