unemployed workers to the size of the labour force: 1‚000‚000 / 23‚000‚000 = 4.3 %. 4. a) The poor who are at minimum subsistence and who aspire to middle class consumption patterns: This group values income highly relative to leisure‚ so the indifference curve is relatively flat. As the wage increases‚ the income constraint line rotates clockwise‚ and we would expect a relatively large increase in hours worked. This response is dominated by a substitution effect‚ but there may be a small income
Premium Consumer theory Supply and demand
Practice Test Economics 01 Midterm 2 Fall 2013 Professor K.C. Fung Multiple Choice: Choose the best answer 1. Suppose price of baguette is $1 and price of sushi is $5‚ then to maximize total utility‚ a rational consumer should consume until: a) the marginal utility of baguette divided by the marginal utility of sushi is 1 b) the marginal utility of baguette divided by the marginal utility of sushi is 5 c) the marginal utility of baguette divided by the marginal
Premium Economics Microeconomics
Microeconomics Summer 2011 Problem Set 1 Due on July 28th in class TRUE-FALSE (2’*7=14’) （B）1. If good 1 is measured on the horizontal axis and good 2 is measured on the vertical axis and if the price of good 1 is p1 and the price of good 2 is p2‚ then the slope of the budget line is -p2/p1. a. True b. False （B）2. If all prices double and income triples‚ then the budget line will become steeper. a. True b. False （B）3. If Melody has more classical records than rock and roll
Premium Consumer theory Preference Utility
morality they have in their lives and as such they do not require religion. Indifference: Another common argument used by apatheists is indifference. Indifference implies the belief that all religions are of equal value. According to this theory or argument‚ all religions can be considered equal as there is no concrete proof about the existence or non-existence of gods in any of them. The perspective of indifference used by apatheists to support their argument is formed based on the idea that
Premium Religion
For Monash University Students: If you have studied intermediate level microeconomics this will be easy reading. Please assist fellow students. Financial Markets bring together borrowers and lenders of funds. They bring aggregate saving into equality with aggregate investment. Consumers have different time preferences for their consumption. Producers use capital until its marginal revenue productivity equals its opportunity cost in interest charges. These are Paretian optimal solutions for welfare
Premium Consumer theory Interest Investment
FNCE30001 Investments Semester 2‚ 2011 Introduction and L1: Risk Aversion and Capital Allocation Subject Administration Issues See the Study Guide on LMS for details! Lectures given in two streams: Wednesdays‚ 12:00pm - 2:00pm (The Spot‚ Basement Theatre) Fridays‚ 10:00am - 12:00pm (The Spot‚ Basement Theatre) First five lectures (on stocks) given by Dr Joachim Inkmann Consultation time: Fridays‚ 1:00pm – 3:00pm Remaining six lectures (on bonds) given by Professor Rob Brown Consultation
Premium Risk aversion Investment Utility
condemn in an irrational way. For example‚ it was more important for the prosecution to emphasize the fact that Meursault did not cry after his mother’s death than it was for them to focus on the actual details of the murder case. Meursault’s indifference is skillfully used by Camus to reveal societal hypocrisy. Meursault has integrity: he does not display emotions that he does not feel. He does not claim to love those whom he does not love. He refuses to pretend to be innocent‚ taking full responsibility
Premium Absurdism Albert Camus The Myth of Sisyphus
Definitions a diagram devised by F. Y. Edgeworth‚ in the form of a box which plots the indifference curves of two individuals or firms relative to the consumption or production of two goods. The contract curve plotted shows the points where the utility to the two individuals or firms is equal. analytical tool for determining the contract curve used in welfare economics. It is caused by the combination of the indifference curve systems of two exchange partners For this‚ the two systems must be arranged
Premium Utility Consumer theory Welfare economics
I think that what connects to Wiesel’s overall purpose is that both are about indifference and about the War. About psychological problems that they may suffer during the process they go through in war. They also talk about how they suffer physically. 2. What is the difference between a’smart’ and a’smart’? Look at the paragraph full of rhetorical questions near the end of the speech. It begins with "Does it mean that we have learned from the past?" How does this section of text follow from the section
Premium
irrational fear of African men’s uncontrollable sexual urges manufactured the myth of the black peril‚ the epidemic of black men assaulting white women. During this epidemic‚ colonists ferociously campaigned for the end of the “brutality of black men” against white women. As a result of the paranoia from white men‚ African men were often convicted and executed for merely looking at a white woman. The black peril upheld the hegemonic stereotypes of African men‚ that they are overly sexual and violent. However
Premium Black people White people Race