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Jane has a utility function for two goods, X and Y, is U(x,y) = min (X,1/2Y). The price of each good is $1 and her income is $12.
A) Solve Janes constrained optimization problem (i.e. what is her optimal bundle?).
B) What is her level of utility at the optimal bundle?
Sam is buying a refrigerator. He has two choices. A used one, at $475, should last him about three years. A new one, at $1250, would likely last eight years. Both have a scrap value of zero. The interest rate is 8 percent. (a) Which refrigerator has ..
Assume mortgage payments of $1000 per month for 30 years and an interest rate of 0.5% per month. What initial principal or PW will this repay? Assume annual mortgage payments of $12,000 for 30 years and an interest rate of 6% per year. What initial p..
Suppose a household's annual take-home pay in 1951 was $8,320. Elucidate what would be an equivalent home pay in 1982.
The Targeted Jobs Tax Credit existed from 1979 through 1994 and offered employers a tax credit for each less-skilled worker they employed. Assume that the tax credit was fixed at $3 per hour worked by a less-skilled worker. How would this tax credit ..
What are the welfare implications of monopsony? Illustrate the consumer surplus, producer surplus and deadweight loss with a graph. Explain why monopsony will lead to deadweight loss.
Assume the required reserve ratio equals 12%. Find the maximum deposit expansion using the deposit multiplier formula. State what happens to the a) excess reserve to deposit ratio, b) bank loans to the public, and c) the money supply. State what happ..
Suppose that your employer offered you $4,000 in cash instead of health insurance coverage. Health insurance is excluded from state income taxes and federal income taxes. How different would this calculation look for a worker who earned $500,000 and ..
Explain the main differences between the three main nominal anchor choices: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy. Use equations to support your answer and do not forget to describe how ..
Proponents of a balanced budget argue that the government's budget deficit cannot grow forever, but critics believe that this is not necessarily the case. They argue that what matters is the size of the debt relative to the nation's income.
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
The World Bank projects that the world's population will increase from 7 billion today to 8 billion in 2025. World output today is roughly $80 trillion. What is global per capita income today? $ What will per capita income be in 2025 if the world's e..
Illustrate what is happening to the U.S. real exchange rate in each of the following situations. Explain. The U.S. nominal exchange rate is unchanged, but prices rise faster in the U.S. than abroad.
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