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A consumer must divide $600 between consumption of products X and product Y. The relevant market prices are Px = $10 and Py = $40. a. Write the equation for the consumer's budget line. b. Illustrate the consumer's opportunity set in a carefully labeled diagram. c. Show how the consumer's opportunity set changes when the price of good X increases to $20. How does this change alter the market rate of substitution between goods X and Y?
The difficulties in managing government in a market economy include the following, except:
Determine whether or not government regulation to ensure fairness in the low-calorie, frozen microwavable food industry is needed. Cite the major reasons for government involvement in a market economy. Provide two (2) examples of government involveme..
What would you argue are the main forces of globalization? Localization? Which forces are more powerful (globalization or localization), or does it depend on the context?
Starting from short run equilibrium in the money market, assume Bank of Canada sells bonds using OMO. Explain very clearly using well labeled graphs, the short run effects on the money supply, the interest rate and real GDP.
What is a market failure? It refers to a breakdown in a market economy because of widespread corruption in government.
Determine equilibrium in wheat market with help of graphs. If re is an increase in price of rice, illustrate what will be its impact on market equilibrium.
Suppose it is the year 2050 and the US economy appears to be heading into recession, including rising unemployment. You have been asked for your advice as to what macroeconomic policies should be implemented to improve the economy. Choose a policy, i..
Using production theory as a basis, is the CEO correct in his assumption that lazy workers or ineffective supervisors are to blame for the decline in productivity? What other explanations might be possible?
In the late 1990s Thailand found that its currency, the Baht was overvalued. That is, its fundamental market value was being pushed below its stated par value. What foreign exchange intervention was required by the Thai monetary authorities to preven..
When examining wage dispersion, many people consider only monetary rewards and ignore other perks such as life insurance, health insurance, and paid vacation days. A compensation package including these items is described as having which of the follo..
How does this policy affect the total quantity of investment? The quantity of business investment? The quantity of residential investment?
Assume that the newspaper can't differentiate students from teachers and can only charge a fixed price per article.
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