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Three people are voting for President. The first person prefers Donald Trump to Jeb Bush to Hilary Clinton. The second person prefers Hilary Clinton to Donald Trump to Jeb Bush. The third person prefers Jeb Bush to Hilary Clinton to Donald Trump. Pretend that the three people together form a united country with a set of preferences. The system of preferences are determined from majority voting (i.e. we say that the country prefers candidate A to candidate B if a majority of people would vote for candidate A over candidate B in a two-person election with only candidates A and B). Write the set of preferences for the country. Write a utility function representing those preferences.
Discuss what will happen in this market as it moves to a new equilibrium. If a hard freeze eliminates Brazil's premium coffee crop, what will happen to the price of premium coffee.
A person’s demand for gizmos is given by the following equation: q = 6 - 0.5p + 0.0002I. Where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show your work/ calculations. w..
how long would it take to pay back the investment for the required expansion? b. If sales are expected to increase at a rate of 15% per year, how long will it take to pay back the expansion?
Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Explain
Explain four macroeconomics objective from conventional perspective
Explain how will you consider the structure of the fresh salmon industry to calculate the forecast. Will you advise the firm to enter the industry.
As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate is a company violating the optimality rule.
Find the value of X such that the loan is fully repaid with the last payment. b) What is the dollar amount of each of the five payments ? c) Find the value of all the intrest paid to ken ?
Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.
Use your own words to explain the idea of equilibrium in the income-expenditure model. As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on pr..
Outline any two reasons, why the marginal revenue product differs between workers in different jobs.
Illustrate what is the unemployment rate. Karen sharpens knives in her spare time for extra income.
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