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Smith and Jones are stranded on a desert island. Each has in her possession some slices of ham (H) and cheese(c). Smith prefers to consume ham and cheese in fixed portions of 2 slices of cheese to each slice of ham. Her utility is given by Us= Min (10H, 5C). Jones on the other hand regards ham and cheese as perfect substitutes-she is always willing to trade 3 slices of ham for 4 slices of cheese, and her utility function is given by Uj+4h+3c. Total endowments are 100 slices of ham and 200 slices of cheese.
a.Suppose Smiths initial endowment is 40 slices of ham and 80 slices of cheese (Jones gets the remaining ham and cheese as her initial endowment). What mutually beneficial trades are possible in this economy and what utility levels will Smith and Jones enjoy from such trades?
The New York Times cost $0.15 in 1970 and $0.75 in 2000. Average wage in manufacturing was $3.23 a hour in 1970 and $14.32 in 2000.
Explain why do some economists argue that reduction in the rate of taxation and capital gains can actually increase tax revenue collected from such gains.
Using summation notation, write an expression for the Net Present Value expressed in real dollars, assuming the cost of medical care will rise 3 percent faster than other prices. Using summation notation, write an expression for the Net Present V..
Offers automobile brake analysis also repair at a various of outlets in the Philadelphia area.
Explain how much would she need to make in revenues to earn positive accounting profits. If a firm makes positive economic profit it means that the firm earns normal profit.
If the price changes above occurred for all goods across the economy during the four year period, elucidate how nominal GDP and real GDP would differ.
Ross Perot added his memorable “insight” to the debate over the North American Free Trade Agreement (NAFTA) when he warned that passage of NAFTA would create a “giant sucking sound” as U. S. employers shipped jobs to Mexico.
Can the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure? C- "Big government is always harmful to owners of private enterprises, w..
What is the implication for the expected value and standard deviation of the returns on your portfolio if you invest in N (instead of only 3) of these assets and N becomes very large?
As advisors insists that this would not work, another advisor thinks it's good policy. Which advisor is correct.
You must select between sports training or working full time. If you choose sports training, you will have less of a social life. You will also pay $20,000 A year for training, but you will get $15,00 grant.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
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