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Consider an economy in which George and Harriet consume only ale and bread. George's utility function is UG = aG(bG- 1) where aG and bG are his consumption of ale and bread. Harriet's utility function is UH = ((aH)^(2))(bH- 1) where aH and bH are her consumption of ale and bread. George is endowed with one unit of ale and one unit of bread. Harriet is endowed with two units of bread but no ale. Using aG as an index, find all of the Pareto optimal allocations.
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
The real interest rate Interest rates and inflation Suppose you have 1 million on 1st January 2008. A basket of goods and services similar to the CPI basket costs 100,000.
Consider the economic data for Country A: Unemployment level of 15% Natural Rate of Unemployment is 6%. Required Reserves is 25% C = 50 + 0.75Y; I = 600; G = 250 (note: T = 200 for
You are the manager of a firm that receives revenues of $50,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3,
using the ppf model explain the principles of economics of allocative efficiency
Explain about the circular-flow of economic activities. Circular-Flow of Economic Activities: Economic Agents: a. Households b. Firms Where they interact:
Assume the United States has the following consumption information: GDP = Income Consumption
Q. Evaluate Nominal wages? Nominal wages W = (W/P).P The nominal wage is equal to the real wage times the price level. Because the real wag
2. Given the following information: Consumers are very optimistic about the future. The price of oil has just doubled. The money supply is growing at a 6% rate. The government has
inflation of fuel price on consumer
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