Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 1, Problem 19RQ
What is globalization? How do you think it might have affected the economy over the past decade?
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BEC 3701 - Assignments-...
KWAME NKRUMAH UNIVERSITY
TEACHING FOR EXCELLENCE
SCHOOL OF BUSINESS STUDIES
DEPARTMENT OF ECONOMICS AND FINANCE
ADVANCED MICRO-ECONOMICS (BEC 3701)
Assignments
INSTRUCTIONS:
Check instructions below:
LTE
1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote
P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of
the following:
a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks]
b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks]
c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks]
d) the Expenditure Function E(P1, P2, U°) [3 Marks]
e) Draw a diagram of the solution. There should be two graphs, one above the other; the
first containing the indifference curves and budget constraint that characterize the
solution to the consumer's choice problem; the second characterizing the demand…
How would you answer the question in the News Wire “Future Living Standards”? Why?
al Problems
(v) T
(ix) F
1.
Out of total number of 2807 women, who were interviewed for employment in a textile
factory, 912 were from textile areas and the rest from non-textile areas. Amongst the married
women, who belonged to textile areas, 347 were having some work experience and 173 did
not have work experience, while for non-textile areas the corresponding figures were 199
and 670 respectively. The total number of women having no experience was 1841 of whom
311 resided in textile areas. Of the total number of women, 1418 were unmarried and of
these the number of women having experience in the textile and non-textile areas was 254
and 166 respectively. Tabulate the above information. [CA. (Foundation), May 2000
Exactly (14) of the total employees of a sugar mill were
these were married and one-half
Chapter 1 Solutions
Principles of Economics 2e
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
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