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Define fiscal policy. Determine whether each of the following, other factors held constant, would lead to an increase, a decrease.
Show that the indirect utility fuction v(p,y) = [x1(p,y))^rho + (x2(p,y))^rho]^1/rho is a quasi convex function of prices and income
Is it possible to deduce (without ambiguity) the shape of the criminals utility function? Explain what shape it will have
Suppose first that 2 cannot pay the firm not to store waste, and that the competitive price for storage is 1. Compute the Walrasian equilibrium
If the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility?
The price of a seasonal pass to six flags great adventure is not much more than a weekly pass. Why is this a reasonable pricing policy?
Is this consumer worse or better off after the price change? Explain.
What are the Pareto optimal levels of effort (this maximizes total surplus from production minus the costs of effort)?
If her utility changes to U = 3x + y, how will her utility-maximizing bundle be affected?
Derive the indirect utility function as a function of px, py and M, where px and py are respectively the prices of the two goods x and y
A. What is the marginal utility of the 6th fresh fruit topping? B. Of the two toppings, which would Barbara purchase first? Explain.
Is Annette maximizing utility? Why or why not? If she is not, what could she do to increase her level of satisfaction?
How firms use such strategies in the market and whether such strategies pay off, e.g., impact of advertising strategies on profitability.
Describe the difference between ordinal and cardinal utility. Use information from the slides and from outside resources, such as a book or the internet.
The Gross Domestic Product (GDP) is the value of all the final goods and services produced in the domestic economy in a given year.
Do you think the two drivers will necessarily produce an equilibrium outcome?
Assume the price of annuity insurance is the same as in part 1 If he could first buy an annuity and then take the test, would he want to take the test?
Compute this consumer's optimal consumption of caviar (x) and jeans (y) for each of the following possible utility functions, and show your work:
If the price of A is $2, the price of B is $3, and the price of C is $1, how much of each will Daniel purchase in equilibrium?
How would each of the following events effect a household reaction on spending:
The question is what's the maximum probability of that last last thing happening (-$10 million) that will induce the person to vote for action?
Will Type 1 individuals purchase an insurance policy? Will Type 2? Show your work.
Draw a graph that shows Pete’s consumption possibilities. How many rock concerts and how many operas does Pete now attend?
What role does economics play in our personal decisions? What role does economics play in the organizational decisions?
Determine the demand functions for pizza and beer (mathematically).