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My utility for cookies C and milk M is u(C;M) = C1=3M2=3. Every week I have wealth w = $8 to spend on cookies and milk. Last week, prices were pC = 1; pM = 1; this week there is a big sale on cookies so prices are pC = 1=2; pM = 1.
(a) What was my optimal choice last week?(b) What is my optimal choice last week?(c) What is the change in my optimal choice from last week to this week? (Compute changes in both cookies, milk.)(d) What part of that change is due to the income effect?(e) What part of that change is due to the substitution effect?
Calculate the percent change in the MM as well as the percent change in the MB during this period. Then calculate the percent change in the money supply during this same five year period.
Suppose a new law establishes a minimum teacher salary that is 20 percent higher than the prevailing salary. How would you expect this law to affect the average quality of teachers and the taxes paid by the typical household?
Does that mean that, by using the Phillips curve, is the unemployment rate zero when the rate of inflation is neither increasing nor decreasing?
Consider the following data, which applies to Avataria and Twilightia in the years 1990 and 2010. In both countries the production function in per worker terms is: y = A(k)^1/2(h)^1/2. Country; Year; Output per worker, y; Physical capital per..
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Illustrate what happens to the supply of new homes. What happens to the demand for new homes.
a firm that you have done business with recently. What industry does this firm belong to For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under What are the names of other firms in this in..
Expalin why do many economists believe that the market system is the most efficient economic system for allocating resources.
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
What are the two effects of every price change Given two goods, "x" and "y", if the price of "x" increases (all else equal), what do each of the effects say will happen to the consumption of "x"? After the change, what can we say about the quantity..
Explain the law of diminishing marginal utility and Why are there so many more proprietorships than corporations, yet corporations account for so much more of the sales of business firms in the country?
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