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1. Suppose that two goods are perfect complements. If the price of good 1 changes what part of the change in demand is due to the substitution effect and what is due to income effect? 2. In 2007 many households fixed their mortgage rates for the duration of the mortgage. Early in 2008 the nominal interest rate elsewhere increased so that those who stayed with the floating mortgage rate face now higher interest rates on their mortgage. Suppose the inflation rate stayed fixed. Show on an intertemporal consumption space graph how this increased the well being of those who has fixed their mortgage rates. 3. A murder has been committed. The only clue is a grocery receipt left at the scene by the murderer. The receipt shows that 20 bags of chips selling for $2 a bag and 10 six-packs of pop selling for $6 per six-pack were bought on that day. There are two suspects: Colonel Mustard and Miss Scarlet. On searching their apartments, you find suspects's grocery bills for the previous week. Las week chips were $3 a bag and pop was $5 a six-pack. Colonel Mustard bought 20 bags of chips and 13 packs of pop at those prices. Miss Scarlet bought 30 bags of chips and 7 packs of pop at those prices. Supposing that these people have convex and smooth indifference curves, can any of these people be the murderer? Hint: think in terms of Giffen/ordinary and income inferior/normal goods. 4. You are born with no tangible assets. You live for three periods out of which you work for two periods and retire for one period before you die. You plan to live nothing for your heirs, and you expect your working income to be $20 000, and $60 000 in period 1 and 2. You can borrow and lend at 1% interest rate per period. a. What is the present value of your wealth at the beginning of your life? b. What is the largest constant consumption stream you can afford? c. What borrowing/lending strategy you will use to accomplish b.
June 26 2008 - A recent opinion through Opinion Research Corporation found that many United States businesses are missing out on vital feedback and ideas from their own workforces.
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Briefly describe the major categories of expected benefits and expected costs from undertaking the project and explain how and where the value of human lives saved or lost might enter this analysis, and explain whether all of these effects are addr..
Constrained optimisation model
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
Yearly demand and supply for the Entronics corporation is given by: Qd= 5,000 +0.5I+0.2A-100P and Qs=-5000=100P where Q is the quantity per year,
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
Discuss why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
Explain the concept of a concentration ratio and is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry? Explain your answer
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
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