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Results tagged with Search options user 1655

Microeconomics is a branch of economics that studies the market behavior of individual actors (usually firms and consumers) and the aggregation of their actions in different institutional frameworks (usually the market).

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The expenditure function is always concave. Suppose you consume two goods. Suppose the price of one of those goods, say $p1$, increases. Suppose also that, rather than rebalance your demand, you inc …
answered Dec 12 '18 by 123
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I thought it might be helpful to discuss the LS condition in general as it pertains to the LS equilibrium: A Lind./Sam. equilibrium allows for a unique equilibrium price $q_i, \forall i \in {1,...,n …
answered Sep 14 '16 by 123
4
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This makes use of Weierstrass theorem: "Any continuous function mapping from a non-empty compact set to a a subset of $\mathbb{R}$ attains a maximum and minimum. So, for example: We know by Hein …
answered Oct 6 '15 by 123
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This is a very poorly written question. The gist of the question is this: should a company take a lump-sum payment from a customer of \$8,525 or a \$12k payment that is spread uniformly over 12 year …
answered Apr 9 '17 by 123
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I will provide an actual answer because I strongly believe that embedding the rational expectations (RE) assumption into macroeconomic models is ridiculous. I will try to crystalize this in a concis …
answered Sep 9 '18 by 123
4
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Given a utility function of the form $U(a,b)=min\{a,b\}$. Suppose that currently $a<b$. To increase utility, you should allocate more of $a$ to this person until $a=b$ and then increase $a,b$ proporti …
answered Apr 7 '17 by 123
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The Lindahl Equilibrium $y^*$ with quasi-linear preferences is uniquely determined. That is, $y^*$ is independent of individual consumption levels of $x$
answered Jun 1 '16 by 123
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To be a Pareto optimum, there must not exist another feasible allocation that makes every agent at least as well off and one or more agents strictly better off. So, let us consider the options here. …
answered May 9 '16 by 123
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So, you assume a finite stock of money units and also that the only thing any consumer desires is units of happiness. That is, consumers are utility maximizers and they have utilities that are functio …
answered Jul 1 '16 by 123
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$$(\frac{r}{w} \frac{1-\alpha}{\alpha})*K$$ $$\equiv (\frac{r}{w} \frac{1-\alpha}{\alpha})[\frac{y}{a}(\frac{w}{r} \frac{\alpha}{1-\alpha})^{1-\alpha}]$$ $$\equiv (\frac{r}{w} \frac{1-\alpha}{\alpha}) …
answered Dec 10 '16 by 123
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HerrK. was correct in the comments. Sorry for the lapse. What is happening is that $U(x,y)=$max{$x,y$} with $P_x=P_y=P$ causes a consumer to be indifferent between consumption bundles: $(\frac{w}{P} …
answered Mar 15 '17 by 123
2
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This paper:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2712957 Is exactly what you need.
answered Apr 8 '17 by 123
3
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1answer
Suppose I have a group of 100 counties. Further suppose that the state decides to allocate a lump sum amount of money to some counties each year to boost spending on education in that county (until, s …
asked Mar 22 '17 by 123
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You needn't use the Lagrange here. And in general, this will be true for additively separable, linear utility functions. Note that the marginal rate of substitution between any two goods $i,j$ is a …
answered Apr 5 '17 by 123
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The contract curve is the locus of Pareto optimal points in an Edgeworth box. What we get from that: To be P.O., an allocation must be feasible. So, the contract curve does not extend beyond the ed …
answered May 20 '16 by 123

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