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Amaranda and Bartolo consume only two goods, X and Y. They can trade only with each other and there is no production. The total endowment of good X equals the total endowment of good Y. Amaranda's utility function is U(xA, yA) = max{xA, yA} and Bartolo's utility function is U(xB, yB) = max{xB, yB}. In an Edgeworth box for Amaranda and Bartolo, the set of Pareto optimal allocations is?
An economy can be stimulated by printing more money. Illustrate what are the dangers of doing that. Inflation can be decreased by reducing the money supply.
Interferences such as rent controls and farm value supports reduce efficiency of markets. In terms of the balance of Qd and Qs, explain why do they do this?
Will there be economic profits in the long run in a monopolistic competitive market? Explain your answer. " Firms in monopolistic competition are not producing at minimum average cost. They are said to have excess capacity." Explain the statement...
Analyze the relationship among fiscal and monetary policy in an open economy.
Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
Bank A offers to lend $10,00 at a nominal rate of 7 percent, compounded monthly. The loan must be repaid at the end of the year.
Assume Springfield's economy moves into a recession and Y falls to $9 and increasing unemployment allows widget makers to decrease wages to $18 per hour.
Suppose Cypress River estimates a linear trend without accounting for this seasonal variation. What effect would this omission have on the estimated sales trend?
An increase in the dollar price of yen necessarily means a fall in yen value of dollars. Do you agree? Discuss and explain; The critical thing about exchange rates is that they provide a direct link.
economists also the public at large normally think of skill-level having having an inverse relationship with unemployment.
Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in that year, how much output is being forgone because of cyclical unemployment?
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
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