REVIEW: MIDTERM #2 MICROECONOMIC PRINCIPLES-1102‚ section #11 Professor Ardy Lynn Wurtzel SEAEINNSruEB 1. Please use Sarah’s Utility chart below to determine what combination of Clothing and Shoes would maximize her utility (find her consumer eq uilibrium)-10pts. [1lzt: Complete the charl’s (1) MU/$ column‚ the (2) TU (Clothing & Shoes) column and the (3) Income Spent column. This will allow you to solve for consumer equilibrium.] Price (per unit): S1O.0O MU (cr)/s SARAH’STOTAL INEOME P-rjeE@_Ss
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differentiating between perfect competition and all other types of markets? Answer Selected Answer: whether or not firms are price takers Correct Answer: whether or not firms are price takers Question 7 10 out of 10 points In economic analysis‚ any amount of profit earned above zero is considered "above normal" because Answer Selected Answer: this would indicate that the firm ’s revenue exceeded both its accounting and opportunity cost. Correct Answer: this would indicate
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International Economics Faculty ---------- Public economics assignment Income inequality in United states since 1970s Lecturer: Msc.Ly Hoang Phu Hoàng Ngọc Lan Chi | 1001060022 | Phan Thị Huyền Trang | 1001011015 | Phạm Thị Hương Liên | 1001060080 | | | | | | | Hanoi‚ March 2013 Contents INTRODUCTION 3 CONTENT 4 I. Overview of income inequality in US since 1970s 4 1.Definition and characteristic of income inequality in US 4 1.1. Definition of income inequality 4 1.2.Characteristic
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ECONOMICS OF GLOBALIZATION SAURABH SINGH SCHOOL OF BUSINESS (2012) (GALGOTIAS UNIVERSITY) Name: Saurabh Singh MBA(Batch 1) 12SOB102234
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noticed income disparities grow now. Current income disparities certainly threaten democratic ideals for two important reasons. First I am going to show how much inequality there really is and how its growing. The first reason is that Inequality causes Corruption‚ and Corruption threatens Representation and the second reason is that Inequality dampens political participation‚ which is a cherished ideal. The income gap between the richest and poorest Americans grew last year to its widest amount on
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Incentive Matter More stories‚ this time about incentives. Why they matter and why it is hard to fix markets that have bad outcomes because of bad incentive structures. He repeats Steven Levitt’s story about real estate brokers. On p. 33 (bottom) "Economics teaches us how to get incentive right." but the whole chapter is stories about how attempts to change incentives have failed. 3: Government and the Economy Discussion of externalities and how governments can compensate for them. Also the role
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On the opposite end on the spectrum‚ Paul Collier addresses inequality as the Alcatraz for developing nations. His prescriptions for poverty directly reflect his thesis on inequality that “as the bottom billion diverges from an increasingly sophisticated world economy‚ integration will become harder” (Collier 202). Collier views globalization as a series of “chutes and ladders” in which countries can rise or fall to the bottom and he views the poor nations of the world as the “unlucky minority” who
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Krugman’s Confronting Inequality‚ we are told‚ as citizens of the United States‚ the damages of high and rising inequality within our country. Krugman describes America as a place of unclear economic progress for the middle class while the share of economic growth in the past 3 decades has gone to the wealthy 1%. Krugman next describes the impact such inequality has on our society and republic. First starting with social inequality‚ he states “The fact is the vast income inequality inevitably brings
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article Inequality: Causes and Consequences‚ Kathryn M. Neckerman and Florencia Torche discuss the existing patterns‚ causes and consequences of economic inequality in the United States‚ including inequality of earnings‚ wealth‚ and opportunity. Their research refers to the social and political causes and consequences of inequality in such areas as “health‚ education‚ crime‚ social capital‚ and political power” (Neckerman & Torche‚ 2007‚ p. 335). In addition‚ they discuss world inequality‚ exploring
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Naked Economics Assignment After reading the book‚ please complete the following questions for discussion. Your responses must be typed‚ and they will be collected on the first day of class. Chapter 1: The Power of Markets • What are the two basic assumptions that economists make about individuals and firms? • What is the role and significance of prices in the market economy? • What’s so great about a market economy anyway? Market allocation 3 / Assume rational utility-maximizers 6 /
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