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(a) Mr. and Mrs. Bridgewater owned their own home. There was a real estate boom in their town and the price of houses doubled. Their income and other prices stayed constant. The Bridgewaters complained that "we are being driven from our home; we can't afford to live here any more."
i. Draw a diagram that illustrates what happened to the Bridgewaters' budget constraint.
ii. Could they have been made worse off by the change? Could they have been made better off? Explain why.
(b) Use a diagram to prove that in case there are two goods, the substitution effect of an increase in the price of good x reduces the demand for good x.
Elucidate the difference between tariffs and quotas. Who is harmed and who benefits by this restriction on trade.
Illustrate what is the probability which at least one of the 5000 funds outperforms the market in 5 consecutive years, 10 consecutive years and 20 consecutive years.
Believe that they must be able to explain people's tastes in order to elucidate what happens when tastes change.
In a current newspaper article you also read that The Camera Shop has exhausted its undertaking capital and that no new investors
Illustrate what are the indicators of underdevelopment in a world economy.
Discuss the capture of the regulatory agency and your prediction as to the capture of the replacement regulatory agency and the politicians in the future.
What asymetric Information can contribute to the onset of both a currency and financial crisis.
This document contains various important questions and their appropriate answers in the subject field of Economics.
The largest loan that the bank can make on the basis of the new deposit. If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit.
A recent study indicates to the long-run average cost curve for cellular telecom companies are basically flat. Illustrate what do you expect to happen to industry output.
explain how will you guide him regarding the redressal forums, the nature of making complaints and the working of the agency.
Elucidate why the general level of wages is higher in the United States and other industrially advanced countries.
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