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Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being lost in the process. What does the utility possibilities schedule look like now? Which of the feasible allocations maximizes social welfare with a utilitarian social welfare function? With a Rawlins social welfare function?
There are 20,000 hours of labor for country A. 5 hours of labor are required to produce 1 unit of S, while 4 hours are required to produce 1 unit of T. Find the shape and dimensions of country A's PPF.
The possibility for gains of trade is due to the fact that different countries face different resources endowments, production costs and geographical locations. Interpret and expand with examples.
Suppose an environmental regulation requires all polluters to reduce emissions by 50%, even though the cost of pollution control differs widely from one polluter to another. Why might this be inefficient, using the definition of efficiency developed ..
If the probability of Verizon not advertising even though AT&T does not is 10 percent, what is expected payoff to AT&Ts decision to not to advertise?
Assume that velocity of money is 5, nominal GDP is $1,350,000 and cost level is 3. Estimate all possible unknowns in XYZ's economy, if its federal reserve buys $9,000.00 in government bonds.
Discuss this week's objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.
Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land ..
If a country is currently producing 11 units of health care and 16 units of education, what is the opportunity cost of producing 5 more units of education?
Describe what happens to investment, private savings, public savings, and national savings. Compare the size of the changes in the latter to the $20billion of extra government savings.
A nation is enjoying a good economy with high and rising real GDP, expectations for continued growth and profitability, increasing personal incomes and low unemployment (expansionary business cycle). Outline the effects on supply and demand for loan ..
State the definition of spillover benefits, give 2 examples. Define and explain spillover benefit. Give two example of a spillover benefit situation and explain
Suppose the production function for pasta is Q = 4kl ; What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 and what is the long-run total cost function when r = 4 and w = 36
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