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Propose utility functions that represent each of the preferences. What are the axioms that these preferences violate? Justify your answer.
The eye on the Dreamliner see page 45 in your textbook. How does the Boeing Dreamliner plane fit into Adam Smith's three key theories of Economics, discuss.
What would happen to the equilibrium price and quantity of EVs compared to the initial situation before any of those two events occurred?
Given that rent controls can have a negative impact on low-income people devise a housing strategy. What are likely ramifications for the rental housing market?
Provide a critique of IIRA by (briefly and informally) describing bargaining environments that may violate IIRA.
Economics believes that opportunity costs should always be considered. With which of these statements do you agree? Why?
Explain three factors that can weaken property rights in a market in a perfectly competitive market.
Find utilities where each good will always be demanded, even in tiny quantities, at any finite price. Then market clearing will imply prices are infinite.
The G.E. Prices are pX = 5, and pY = 5. If consumer's utility is U=lnX+lnY, what are the G.E allocations of X and Y? Show this G.E. allocation on a diagram.
It is often said that litigation costs too much and there is too much of it. Under what assumptions can propositions be true without violating economic logic?
If the increase in demand for plywood is permanent, should the managers of a plywood firm increase their firm's capacity? Why or why not?
How much will the supply price of blueberries fall if the government imposes such a tax? Who bears the greater burden of the tax, consumers or producers?
How much profit does the Big Toy company make? If this were a competitive market, how many units of the toy would be sold?
Calculate the total volume of gas mixture. Calculate the volume fraction of each component.
Draw a diagram to compare the deadweight loss of a tax when industry is perfectly competitive to deadweight loss of a tax when industry is a classical monopoly.
In this economy, what is the level of Y produced? What is the equation for national saving? Compute the equilibrium interest rate.
Identify who, if anyone, has a comparative advantage in BB & DD. Identify who should specialize in BB and whom in DD.
Contrast a system of freeways with a system of toll roads. What are the benefits and costs of making it a public good as in Michigan?
Contrast a change in the quantity demanded versus a change in demand. Contrast a change in the quantity supplied versus a change in supply.
Give the physical human and financial resources requirements. What will be the institutional setup during the expansion?
Define learning and perception. Describe in at least one paragraph, how the two are connected and how they relate to consumer behaivor.
Petco has spent $5 million so far developing a better chew toy. What is the most Petco should be willing to spend on additional research to finish the toy?
What are the equilibrium price and equilibrium quantity in the market for this product?
Discuss how the flooding could have affected the Australian economy in the short run, and how the disaster recovery payment could help the Australian economy.