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let a consumer have preferences described by the utility functionand an endowment of 2 units of good 1 and 2 units of
as economists are experts in resource allocation you are invited by two friends to resolve a dispute about the shared
a consumer views two goods as perfect substitutesa sketch the indifference curves of the consumerb if an economy is
bewley 1981 imagine a world with 2 consumers and 2 potential jurisdictions each of the consumers has one unit of labor
consider two consumers with utility functionsboth consumers have income m and the before-tax price of both goods is 1a
a competitive refining industry releases one unit of waste into the atmosphere for each unit of refined product the
consider a binary choice to allow or not the emission of pollutants the cost to consumers of allowing the pollution is
education is often viewed as a good with positive externalitiesa explain how education might produce positive external
assume that all voters have an hourly wage of 10 and that it takes half an hour to vote they stand to gain 50 if their
define a collective choice procedure as satisfying the lsquolsquotop condition if an alternative is never among the
construct a variation of the rent-seeking game without the discontinuity in winning losing find the pure strategy
should a social planner be concerned with the distribution of income or the distribution of utility how does the answer
there are two senior advisors to the government a and b both of whom agree that the poverty line is at 4000 for a
let the utility function be u logx -find the level of labor supply if the wage rate w is equal to 10 what is the
assume that utility is u logx log1 - calculate the labor supply function explain the form of this function by
consider a world economy composed of two countries a and b there is a fixed world population of size h that allocates
consider a world economy composed of two countries a and b there is a fixed stock of capital k that allocates between
consider the exercise above and set the capital income tax rate in country 1 at tau 020a find the change in total
consider an economy with one consumer in each generation each consumer has an endowment of one unit of the consumption
a consumer has preferences described bywhere xt denotes consumption in period t and 0 lt d lt 1 assume that the price
a possible explanation for the indecency might be the fact that the consumers are not all alive at the same time and
in many countries the capital owned by nonresidents is taxed what are the effects of such tax exporting is it
the federal government would like to give grants to local states to promote free medical vaccinations for children
consider an economy in which there is one consumer born at the start of each time period each consumer lives for two
explain how in the solow exogenous growth model output and consumption per worker converge in the long run to