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Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; M=4000, Px=800, and Py=100, answer the following questions. Note: In general we may note that W ≥Px*X + Py*Y à use M instead of W for the purposes of this question. i. Graph the budget line, and determine the market rate of substitution. Make sure to Illustrate the budget set as well as what is unaffordable. Also note the maximum amounts of both trips and dinners you can purchase given wealth/Income and prices. ii. Show in your graph what happens to the budget constraint if Px decreases to $500 (i.e. the costs of trips drops). iii. What is the meaning of the slope of the two budget constraints? Explain using the values you calculated.
Critics of traditional welfare programs often cite a disincentive to work as a flaw in the policy. Why would these critics be in favor of the Earned Income Tax Credit (EITC)? And why is the EITC described as a negative income tax?
Why do you think that approximately one-sixth of the world's population has not experienced much substantive economic growth over the past 30 years?
Two identical firms compete in competition (Cournot competition) in the same market where the inverse demand is P(Q) = 100 − Q. The constant marginal cost of both firms is 10. Find the best response function for each firm. What is the Cournot (simult..
Consider the game given above. (a) How many histories are in the game? (b) How many sub games are there? (c) How many strategies does player 1 have? Calculate this number. (d) Solve for the sub game perfect equilibrium using backward induction. Indic..
The government imposes an excise tax on the sale of all toothbrushes. Before the tax, 2 million toothbrushes were sold every year at a price of $1.50. After the tax is imposed, 2 million toothbrushes are sold every year; consumers pay $2 per toothbru..
Consider the bond market. Show graphically and explain how a reduction in expected inflation would affect bond prices, quantities traded and yield.
Would you expect firms in a tight oligopoly market reap higher profits than firms in a loose oligopoly market.
Illustrate what can we say about the elasticity of demand for Larissa's legal services. Elucidate which is consistent with the direction of these shifts
Find the current exchange rates online and post the current exchange between the U.S. dollar and any other currency. Briefly describe what has happened over the past year between the two.
Economic Growth Rate - In your response post, your comment is not to assess another student's work but to bring up additional points or thoughts related to their post.
In the short-run, if a firm has decreasing returns, does it have increasing, constant, or decreasing marginal cost? Explain. What about if it has constant returns? Increasing returns? Explain.
q. suppose a government has no debt and a balanced budget. suddenly it decides to spend 1 trillion while raising only
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