Bhen and Geri run an ice cream business in the town of Palouse, WA. To produce the ice cream, they hire labor L at a wage of W dollars per worker. L is the only input in production. L workers produce Y pints of ice cream according to the production function, Y = F(L) = 10L − ( 1 2 )L 2 . They then […]
Market failure occurs when an unregulated marketa. does not produce the efficient output level.b. does not produce the optimal price and output combination.c. is missing the price for a good or service..d. generates a price for good that does not include all of the social costs of producing or consuming the good.e. All of the above are correct.Markets fail due to which of the following?government […]
An automatic stabiliser is: a monetary or fiscal policy that aims to smooth out the business cycle. the tendency for inflation to fall as unemployment rises. a policy for growth of an economy where the current account is kept in balance. a tax or form of government expenditure that has the effect of reducing the size of business cycle fluctuations. discretionary government policy used to […]
Holding other factors constant, the ratio of government debt to GDP can decrease as a result of any of the following changes except:-decreases in government spending.-increases in GDP.-decreases in tax revenues.-decreases in transfer payments.
The consumer’s utility function is U(x,y) = xy2 , where x denotes the quantity of good X that the consumer consumes and y denotes the quantity of good Y that the consumer consumes. The price per unit of good X is 2 euros and the price per unit of good Y is 40 euros. Consumer’s income is 240 euros. a) Find the optimal quantity of […]
MICROECONOMICS Chapter 5 – Check Your Understanding 1. When the demand curve is relatively inelastic and the price falls, what happens to total revenue? If the demand is relatively elastic and price rises, what happens to total revenue? 2. Why is the demand for gasoline relatively inelastic, while the demand for Exxon’s gasoline is relatively elastic? 3. Describe cross elasticity of demand. Why do substitutes […]
a) Calculate the values of the probability weighting function w(p). b) Calculate the expected prospect theory return from investment. c) Determine whether or not the investor is likely to make the investment. Consider an investor who faces a decision whether or not to make an in- vestment of 10 000 rubles. The investor‘s preferences with respect to gains and losses are represented byavaluefunction ofthe following […]
consider how or if the Coase Theorem can be applied to the following scenarios. Answer to these questions.a. Are property rights well defined? B. Will trading take place?c. Are any of the assumptions required for the coase Theorem likely to be violated in an important way? a. A tomato paste factory has been in a town for decades. During the summer, when tomatoes are ripe, […]
………………………………………………………………. immhmmwmm 1:! 23631012141EIEEUDMD‘mflï¬ÂeChin L. Refer to Figure 4. proint B is the consumer’s optimum and the price of nurslmlallows is $3 per bag, what is theprice of a bag of chocolate chips?at. $1.50b. $2.70 c. $3(1. $6
can someone paraphrase this for me After the 5th enlargement, the EU faced new bureaucratic challenges. As a result, the Lisbon Treatyâ€â€signed in 2007â€â€simplified the working methods, voting rules and created a President of the European Council. In addition, the Treaty created the post of High Representative of the Union for Foreign Affairs and Security Policy. This strengthened the EU’s presence in the international sphere.
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