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What areas in the figure would you use to illustrate the net change in farmers' total revenue as a result of the increase in supply?
By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Which types of taxes are most important at each level of government? Which two taxes provide the most revenue to the federal government?
Use your understanding of opportunity cost to explain the idea that the Canadian province of Ontario has a comparative advantage in the financial sector.
Economic Systems The United States is best described as having a mixed economy. What are some elements of command in the U.S. economy?
Given that the Arrow-Pratt measure of absolute risk-aversion is a constant, derive the corresponding form of the von Neumann-Morgenstern utility function.
Is she buying the utility-maximizing combination of bread and milk? If not, how should she reallocate her expenditures between the two goods?
"Given the difficulties that the regulation of public utilities faces, wouldn't be better to nationalize public utilities, as some European countries have done?
Find the Walrasian equilibrium of this economy. Then find another allocation which Pareto-dominates the equilibrium allocation.
Solve for the optimal choice. Graph this solution. How many hours of work is the consumer working? What is her income?
Show that, in a second-price sealed bid auction with private values, bidders bid their true valuations of the object for auction.
The substitution effect causes a consumer to buy less of a product when its price rises because the:
According to the law of comparative advantage, an individual should produce a good if he or she
Under which of the following market conditions is it most difficult to maintain a cartel agreement?
Do you believe consumers do behave rationally? Is so, how do you explain impulse buying, buying as a result of advertising.
Taxes are often used as a means of distributing income. What kind of tax system would you favor (regressive, flat, progressive)? Why?
What are the tradeoffs of preserving some programs while protecting others?
Bond A has coupon interest rate of 6% paid annually. Bond B has a coupon interest rate of 14% paid annually. A. Calculate the selling price for each bonds.
Problem 1: What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled?
What is the value of x that will make the manager indifferent between shirking and working hard?
If you take away $1 from a rich person and give it to a poor person, the rich person loses less utility than the poor person gains. Agree or disagree.
a. Calculate Joe's expected utility level without any health insurance coverage.
Prove that a diminishing marginal rate of substitution neither implies nor is implied by diminishing marginal utility.
Now demonstrate this property with the Cobb-Douglas individual's indirect utility function.
Write Lolita’s inverse demand function for cow feed.