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Identify the effect of surplus budget on either demand or supply curve and the equilibruim interest rates.
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- Give the economic interpretation of a budget lineWhat are the steps involved in plugging in the highlighted equation (the real interest rate) into the budget constraint?It is 2020 and the living wage campaign calls for the government to remove height restrictions for buildings in London. What effect might this policy have for living costs? Explain your answer.
- What are the determinants for an individual demand? Receive with the help of indifference curves and the budget outline the optimal consumption plan. How do you transfer the optimal consumption plan into an individual demand function?What is the difference between deterministic and random variations in the pattern of demands? Provide an example of a real problem in which predictable variation would be important and an example in which random variation would be important.Define the form of market that is invisible to the main commodity, such that it is not weighted or measured?
- Under the Theory of Storage, the convenience yield is: a. typically low when the supply of a commodity is scarce b. not affected by the supply of a commodity c. typically high when the supply of a commodity is scarceWhat are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function?Why can bubbles not exist if it is commonly known that the initial allocation is Interim Pareto Efficient?
- Which of the following two effects of a decrease in the tax rate on saving would raise savings? a. the income effect and the substitution effect b. the income effect but not the substitution effect c. the substitution effect but not the income effect d. neither the substitution effect nor the income effectWhat are the determinants for an individual demand? Derive with the help of indifferencecurves and the budget constraint the optimal consumption plan. How do you transfer theoptimal consumption plan into an individual demand function? (use graphs)Consider an economy with two goods, consumption c and leisure l, and a representative consumer. The consumer is endowed with 24 hours of time in a day. A consumer's daily leisure hours are equal to l = 24 – h where h is the number of hours a day the consumer chooses to work. The price of consumption p is equal to 1 and the consumer's hourly wage is w. The consumer faces an ad valorem tax on their earnings of T percent. The consumer also receives some exogenous income Y that does not depend on how many hours she works (e.g. an inheritance). The consumer's preferences over consumption and It hours of work can be represented by the utility function U(c, h) = c- (a) What is this consumer's budget constraint? (b) Solve for the consumer's utility maximizing hours of work h*(w, 1 - T, Y) and con- sumption c*(w, 1 - T, Y). (c) Repeat part (b) for a consumer with the utility function U(c, h) = alog(c) - Blog(h).