Question: Consider an economy with the representative consumer, representative firm, and government. Suppose that G = 12. The consumer's preferences over the consumption good and leisure are given by the utility function ...
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With reference to economic scholars and theories, evaluate the various criteria of social welfare maximisation.
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Question: From the early 1950s through 1973, the Japanese economy grew at an average annual rate of almost 10%. It then slowed down to 5% per year from 1973 through 1991, and 1% per year from 1992 through 1998. (A) What ...
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Question: An equipment costs $12,000 and can be sold at the end of 5 years for $300. What is the depreciation for year 3 if the sum of years' digits depreciation method was used? The response must be typed, single spaced ...
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Question: In a linear demand equation, what economic information is conveyed by the intercept on the price axis? Similarly, what economic information is conveyed by the intercept on the price axis in a linear supply equa ...
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Question: According to legislation as of late 2002, the death tax (estate tax) is supposed to be fully phased out by the year 2010, but then reinstated at a maximum 55% rate in 2011. In terms of the LCH, how would these ...
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Question: If workers contribute to their group's investments and decide on these investments, workers at different stages of their careers may want different types of capital, for example a durable building versus a temp ...
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Question: To solve the congestion problems of the big cities, Congress decides to increase the Federal gasoline tax by 25 c per gallon, with a rebate to largely rural states; the net effect will raise approximately $20 b ...
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Question: From earlier chapters you will recall that technological change shifts the average cost curves. Draw a graph showing how technological change could influence intra-industry trade. The response must be typed, si ...
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Question: A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of ...
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