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Question: Use Exhibit to answer the following questions.
a. Suppose the price of a magazine is $2, the price of a book is $10, and the consumer's income is $100. Which point on the graph represents the consumer's optimum-x, y, or z? What are the optimal quantities of books and magazines this individual chooses to consume?
b. Suppose the price of books falls to $5. What are the two optimum points on the graph that represent the substitution effect (in sequence)? What is the change in the consumption of books due to the substitution effect?
c. Again suppose the price of books falls to $5. What are the two optimum points on the graph that represent the income effect (in sequence)? What is the change in the consumption of books due to the income effect? Is a book a normal good or an inferior good for; this consumer? Explain.
d. For this consumer, what is the total change in the quantity of books purchased when the price of books tell from $10 to $5?
e. Use the information in this problem to plot the consumer's demand curve for books in Exhibit.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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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:
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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