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Question: Consider two goods, x and y, and suppose that the prices of these goods are given by and, respectively. Suppose that a consumer's income is given by . What can be said about the bundle ?
This bundle is affordable, with income left over.
This bundle is exactly affordable, with no income left over.
This bundle is not affordable.
What is the difference between a change in demand and a change in quantity demanded? Explain why a supply curve slopes upward.
Explain what is referred to as ‘Walrasian economics', its developed role in economic theory and pedagogy, and its likely prospects for providing satisfactory explanation of economic realities.
State the definition of marginal product, MP, both as a mathematical definition and with your own words. What is the "law of diminishing marginal returns"? How has it been derived?
If the market for alcoholic beverages is in equilibrium, then the drinking age is reduced from 21 to 18 what will happen to the equilibrium price and quantity of alcoholic beverages.
What are the assumptions we need to have for our Utility Maximization model (Consumer theory)? And discuss when each assumption does not hold, how can it make the whole model collapse?
Be sure to address how the tools/concepts discussed in class pertain to your articles and what concepts are illustrated by the articles.
There are proposals to change the U.S. federal tax system from primarily an income base to a consumption base. One popular proposal comes from Cornell economist Robert Frank. You may explore his proposal in the video titled, "Robert Frank: Consumptio..
If a firm maximizes profit. It must minimize the cost of producing the profit-maximizing output.
The private market discount rate is 4 percent. On that basis, which options do you expect the government to choose - What are some of the arguments for a lower discount rate?
Drawing on the insights of behavioral economics, you would expect that (on average) students who are initially assigned to triple rooms
Best Buy offers a protection plan for new smartphones at $195. The absolutely most expensive iPhone you can buy right now is $849. Assume for a moment you are a very cautious but forgetful person: you would never, ever drop or damage your phone, but ..
What phase of the business cycle was Italy going through in 2012? Refer to the above sources and economic theory in your answer and demonstrate the phase of the business cycle using an aggregate demand and supply model.
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