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Danny is an investment banker and has income I = 300. When prices are px = 10 and
py = 20, Danny consumes the bundle (x; y) = (6; 12).
1. Illustrate Danny's budget constraint and optimal bundle.
2. Suppose that prices change to px = 20 and py = 10. Draw Danny's new budget constraint on the same set of axes as his original budget constraint.
3. Danny is a smart guy and always makes utility maximizing choices. According to revealed preference, which bundles on his new budget constraint will he definitely not consume?
give and explain national income variation
Suppose the demand for guitars in State College is given by Qd = 9000 - 12P where Qd is the quantity demanded, and P is the price of guitars. Also, suppose the supply of guitars is
The exante real interest rate is based on _____ inflation, while the ex post real interest rate is based on _____ inflation. A) expected; actual B) core; actual C) actual;
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on relate
A government subsidy to the producers of a product: A. reduces product supply. B. increases product demand C. increases product supply. D. reduces product demand.
Using the Mundell-Fleming model, describe how an increase in a country’s risk premium on the world interest rate can result in a higher level of real income. Under what circumstanc
What are cost and revenue relationships?
ABSOLUTE ADVANTANGE \
If population growth carry on then there will not be sufficient resources around for everyone this will lead to an event such as famine / war, which will decrease the population.
2. Use the Quantity Theory of Money to explain inflation (a increase in the overall level of prices). (4 points) If you were a member of the Federal Reserve Board of the Governor
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