This searching is unnecessary with money which refers to the set of assets in an economy that people regularly + Juse to buy goods and services from other people.
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- Which are the five conditions for occur exchange ?In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effects5. Consider an exchange economy with 2 agents and 2 goods.
- Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have ten hoursof time available. The can use their time to do one of two things: make pancakes or make hamburgers.Bob can make two hamburgers in an hour or one pancake in an hour. Jake can make three pancakes in anhour or two hamburgers in an hour. Use this information to answer the following questions:a.) Draw Jake and Bob’s PPFs, with hamburgers on the x-axis.b.) Give equations for Jake and Bob’s PPFs in y = mx+b form, still treating hamburgers as the xvariable.c.) Who has absolute advantage in the production of hamburgers? Who has absolute advantage inthe production of pancakes?d.) Who has comparative advantage in the production of hamburgers? Who has comparativeadvantage in the production of pancakes?e.) Can Bob and Jake both benefit from trade if the terms of trade are one pancake per hambruger?WhySaved to this PC V ut References A A Aa x² A a. b. C. O Search (Alt+Q) Mailings Review View Help Du A A EEE ΕΞ ΑΙ ¶ ↓ E- Paragraph LO Value of first donut Value of second donut Value of third donut Value of fourth donut Value of fifth donut Value of sixth donut S Normal Problem 1 Tammy loves donuts. The table shown reflects the value Tammy places on each donut she eats: $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 If the price of donuts is $0.20, how-many donuts will Tammy buy? Why? Body Text How much consumer surplus would she have at a price of $0.20? Styles m If the price of donuts rose to $0.40, how many donuts would she purchase now? What would happen to Tammy's consumer surplus?Explain. I don't need chat gpt answee
- Consider a two-agent two-good barter economy. Agent 1 only cares about good 1, and agent 2only cares about good 2. There is only 1 unit of good 1, and 2 units of good 2 in the economy,which is distributed equally between the agents while agent 1 owns the only unit of good 1 inthe economy.a. Compute and explain the Pareto optimal allocations.b. Compute and explain the equilibrium prices and allocations.c. How would your answers to parts a and b change if agent 1 shared half of his good 1 withagent 2? Discuss.Consider two individuals, Fred and Barney. In one hour, Fred can produceeither 15 gallons of beer, or 3 gallons of wine. In one hour, Barney can produce2 gallons of beer or 4 gallons of wine. Assume both goods can be produced incontinuous quantities. Assume that each person wants to consume 3 gallons of wine, then as muchbeer as they can. Determine what each person will end up consumingi) when they cannot trade.ii) when they can trade at a price of 1gallon wine = 2 gallons beer.Use this to explain why trade benefits both consumers.a. A consumer is willing to trade 3 units of x for 1 unitof y when she has 6 units of x and 5 units of y. She isalso willing to trade in 6 units of x for 2 units of y whenshe has 12 units of x and 3 units of y. She is indifferentbetween bundle (6, 5) and bundle (12, 3). What is theutility function for goods x and y? Hint: What is theshape of the indifference curve?b. A consumer is willing to trade 4 units of x for 1 unitof y when she is consuming bundle (8, 1). She is alsowilling to trade in 1 unit of x for 2 units of y when sheis consuming bundle (4, 4). She is indifferent betweenthese two bundles. Assuming that the utility function isCobb–Douglas of the form U (x, y) = xα y β, where α andβ are positive constants, what is the utility function forthis consumer?c. Was there a redundancy of information in part (b)? Ifyes, how much is the minimum amount of informationrequired in that question to derive the utility function?
- u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…Is Principle of Unequal Cost and Principle of Unequal Exchange the same? Why? Cite their similarities and/or Differencescalled plaging a Jame Chicken They eash drive thair car down Hhe center of the voand in opporite direcfions Each chocses ei ther SwerveIf botth swerve, no boy wins stags and one Swerves, Hhe ove O Suppose Etie and Joshug "stag" br loses any thing.If one or one who stags wins $2 Awo dollans) from the one who severves. If both stay, they wrack the cans and need ear to rapair earh Car. normal farm. O Represent the goone in a O Find all flarh Epui librica Jos hug imit leanned that E ddie has a mickmome " Fnst Eltie'! a buays make his dairinm af ter as he, is quick and can obierung his opponents fecision' o Represent the gane in an extencive furm. A Find the vaamnable autrome of this game using backwrand in Juctin.