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Assume the utility functions for two cities are identical and are given by U=1.6N --- 0.13*N2, where N denotes the city’s population in million.
(a) What is each city’s utility maximizing population?
(b) If each city had a population of 9 million people, how would these cities change their size? Assuming that the total population of 18 million cannot be changed, would there be a smaller and a larger city? Would there be three or more cities? Or would there be no change at all. Explain.
The Gauss-Markov theorem states that OLS estimates are BLUE. List what word each letter in the acronym BLUE stands for. Then, give an intuitive definition for each of these words ?
You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..
Assume that you live in a simple economy in which only three goods are produced and traded.
What is regionalism? Use European Union as an example to illustrate the major steps toward regional integration. What major features can you identify for regional integration in Europe, North America and East Asia? What are the dynamics for regional ..
Europe's had unusually autonomous universities in which scholars could pursue their studies in relative freedom from the dictates of church or state authorities. Western Europe was in a position to draw extensively upon the knowledge of other culture..
Executives of Studio Recordings, Inc. produced the latest CD by the Starshine Sisters Band, titled Sunshine/Moonshine. The following cost information pertains to the new CD: CD package and disc (direct material & labor) $1.25 per CD Songwriter’s roya..
Elijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2015, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified tr..
Which of the following will increase (shift) the demand curve for white flour, an "inferior" good?
Assume that the 12% rate used in problem 2 is a constant dollar rate (i’). Now discount your end of year cash flows from problem 10 by inflation (f=4%) and re-compute your IRR’ and NPW’. What is the market interest rate (i)______________ IRR’________..
The text notes that, if demand reversal were the cause of the Leontief paradox, then labor would be relatively cheap in the United States. Explain the reasoning behind this statement.
Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrim..
What factors are considered in calculation of the CPI? Explain your answer and provide a reference. Where would you find data on CPI and PPI for the U.S.? What does the current level of inflation tell you about the state of the U.S. economy?
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