Entries by Hannah Wangui

Suppose that the economy experiences a sharp decrease in energy costs and, in response, the central bank engages in a discretionary policy to decrease the real interest rate. Then:

December 1, 2020 in /by

Hi, which one is the correct answer, and why. I would like to understand the reason. Thank you. Suppose that the economy experiences a sharp decrease in energy costs and, in response, the central bank engages in a discretionary policy to decrease the real interest rate. Then: a. The central bank is likely adopting a […]

 

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Sweet Steel and Molten Metal produce sulfur dioxide emissions during production.

December 1, 2020 in /by

Sweet Steel and Molten Metal produce sulfur dioxide emissions during production. The total abatement cost (TAC) and marginal abatement cost (MAC) for each company: Sweet Steel:TACS = 100,000 + 1eS2;MACS = 2eS Molten Metal:TACM = 100,000 + 1.5eM2;MACM = 3eM where eS and eM represent tons of sulfur dioxide emissions eliminated by each company. Suppose the government wants to eliminate 1,000 tons of sulfur dioxide emissions, so it mandates […]

 

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Every week Nasir consumes 17 bowls of rice, which cost $4.75 each, and 42 cups of vegetables, which cost $3.50 each. His marginal utility of bowls of rice at that point is 12.5 and his marginal utility of cups of vegetables is 10.25.

December 1, 2020 in /by

Every week Nasir consumes 17 bowls of rice, which cost $4.75 each, and 42 cups of vegetables, which cost $3.50 each. His marginal utility of bowls of rice at that point is 12.5 and his marginal utility of cups of vegetables is 10.25. A. Comment on Nasir’s choice and illustrate on a graph (rice on y axis) […]

 

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Elon eats only strawberries and bananas, both normal goods.

December 1, 2020 in /by

Elon eats only strawberries and bananas, both normal goods. He has an annual budget of $120 to buy any mix of strawberries and bananas he wants. He is currently maximizing utility by consuming 30 pounds of each. Strawberries cost $3/lb and bananas cost $1/lb. A. Draw Elon’s budget constraint for strawberries and bananas on a graph, with strawberries on the X axis. […]

 

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