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A:
According to Walras' law,
p1 z1 (p1 , p2 ) + p2 z2 (p1 , p2 ) = 0.
In other words, the value of aggregate surplus demand is zero. It indicates that all prices, not just equilibrium prices, are zero.
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- 7 The demand and supply functions of Good X are: QD = 110 – 2PX – 4PY + M QS = 200 + 4PX – 2W Currently, Py = 25, M = 330 and W = 140 If consumers incomes decrease by 8 percent, by what percentage will the demand for good x change?True/False 1. it is necessary assumption and economics that consumers prefer higher quantities a good to lower quantities of that good for all goodsD2) Economics John is a consumer of housing and food with a Cobb-Douglas utility function of U(H, F) = HaFB, with α and β being positive constants. 1) With prices remaining constant, will John raise his housing and food consumption in proportion to his increased income? Mathematically justify your answer. 2) Will John spend the same amount of his income on housing and food regardless of how much they cost or how much he earns? Mathematically justify your answer. of their prices or her income? Justify your answer mathematically.
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- 15. Refer to Figure 4-8. All else equal, an increase in the income of buyers who consider turkey to be an inferior good would cause a move from a. Da to Db. b. Db to Da. c. x to y. d. y to x.Consider the production of handmade rugs and assembly robots in India and Canada. Assume that Canada is relatively abundant in capital and that India is relative abundant in labour. Furthermore assume that the production technology for rugs and robots is the same in both countries. Draw production possibilities frontiers for each country keeping the production of rugs in the horizontal axis and the production of robots in the vertical axis. Assuming that consumer preferences are the same in both countries, add indifference curves and relative price lines under autarky. What are the differences in the relative price of rugs between the countries under autarky?38 - According to cardinalists, which of the following is consumer equilibrium? a) It is the point where the demand curve and the budget line are tangent. B) It is the point where the production possibilities curve and the budget line are tangent. C) It is the point where the indifference curve and the budget line are tangent. D) It is the point where the total utility is maximum and the marginal utility is zero. TO) It is the point where the total utility is zero and the marginal utility is maximum.
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