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Consider a hypothetical island with only ten people. Eight have income of $10,000, one has income of $50,000, and one has income of $100,000.
a. Draw the Lorenz curve for this income distribution. What is the approximate value of the Gini coincident?
b. Suppose that a wealthy newcomer arrives on this island with an income of $500,000. How does it change the Lorenz curve? What is the impact on the Gini coincident?
Martha has $150 of disposable income to spend each week. She buys Malted milk balls and Snickers. Suppose that malted milk balls cost $2.50 per bag and Snicker cost $1 per bag. 1. What is the equation of Martha's budget constraint, assuming we wil..
McDonald's is a force to contend with both domestically and globally. The company has been a success story world-wide because of its focus on marketing details and because it plans globally yet acts locally.Choose a doughnut/cinnamon bun/bread..
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
Find the market price if the cost of quality v to a seller is c(v) = v/4.Find the market price if the cost of quality v to a seller is c(v) = 2v^3 Consider case b. and suppose the utility the buyer receives from a car of quality v is U(v).
Consider a firm that produces military equipment. It employs 2,000 workers and pays each of them a competitive wage of $40,000 per year; its total labor costs are therefore $80 million per year. The firm also has other, non-labor costs of $30 million..
First, replicate this figure with one budget constraint and one indifference curve that together define a tangency (equilibrium) solution.
Charlie Cook was able to determine the activity times for constructing his chemical contaminant tracking machine. A) Cook would like to determine ES, EF, LS, and LF for each activity. Here are the activity times
In January of 2007 Mary bought 100 stocks of Apple Inc for $55 each. this stock paid an average dividend of $4.50 per stock until the end of each year until mary sold all the stocks in December 2012 for $75.50 each. What is the effective interes..
What ISA standard states when they should be used?
Assume that there is no substitution effect from changes in wages. Use two graphs to show the effects of the increase in the wage on the quantity of labor demanded.
Find the demand and revenue schedules.
A company wants to set up a new office in Swaziland. The corporate tax rate there is 15% for the first $50K profits, 25% for the next $25K, 34% for the next $25K, and 39% for anything over $100K. Executives estimate, for the first year
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