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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?
Rewrite the national-income model (3.23) in the format of (4.1), with Y as the first vari¬able. Write out the coefficient matrix and the constant vector.
Find the annual (yearly) real and nominal GDP numbers for Turkey from TCMB for the recent past. Use the EVDS system and TUIK data. Describe the source and definition of the data us
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Which of these variables are discrete and which are continuous random variables? a) The number of new accounts established by a salesperson in a year. b) The time between customer
How could utility theory help us understand the difference between a federal income tax and a federal sales tax on consumer consumption patterns?
explain any two factors that cause the shifts in the balance of payments curve.
I am working on a project for my class and this week discussion is on international trade and exports. what I am needing is the information for the 1970s
Collateral Management is a function to handle collateral effectively. It gives interface to enter collateral data, and it has a master data of collateral descriptions and types. It
Suppose Nigeria has 20 million workers and 16 million units of capital, while Botswana has 5 million workers and 3.5 million units of capital. Which of the following statements is
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