Suppose there are two agents Richy and Poory. Both of the live for two periods: Today and Tomorrow. However, while Richy receives 100K$ Today and 0$ Tomorrow, Poory receives 0$ Today and 100K$ Tomorrow. Richy and Poory have the same preferences. Each of them prefers to smooth consumption perfectly, that is to consume the same amount in both periods. Any deviation from perfect consumption smoothing does not add any extra utility to Richy or Poory.

1. Draw Richy and Poory’s indifference curves in the space (Consumption Today, Consumption Tomorrow).

What did you get out of this book? "Inside the magic kingdom by Thomas k. Connellan "

EXPLAIN WITH YOUR WORDS HOW THE THREE MAJOR ETHICS FUNCTION IN SOCIETY AND FOR MAKING DECISIONS

Suppose that output q represents the number of products produced,K is the number of machines used, and L the number of workers used. To produce one unit of q, one must can use 1 machine OR 4 workers. The cost of a unit of K is r= 100, and the cost of a unit of L is w= 20:First, draw the isoquant for q= 10. Next, draw the isocost line for C= $2000.Using your isocost-isoquant diagram, identify the cost-minimizing number of machines and workers to produce q= 10products per hour.(b) What is the MRTS_K,L for the following production function:Q=KL^2? Is this technology CRS, IRS or DRS? How do you know? (C) What is the MRTS_K,L for the following production function:Q= 2K+L?Is this technologyCRS, IRS or DRS? How do you know?

1. What specific numerical evidence would you give to explain why the Great Depression was so much worse than the Great Recession?

2. What is the key side (supply or demand) of the economy for Keynesian economists? What assumption about prices leads them to the emphasis? What is the key side of the economy (supply or demand) for classical economists? What assumption about prices lead them to this emphasis?

1a. Consider demand for gasoline in Irvine. Would you would expect demand to be more elastic in the short run or the long run?

Group of answer choices

a. In short run, demand is more elastic

b. In long run, demand is more elastic

1b. Please explain your reasoning: (Select all that are true)

Group of answer choices

a. Because in the short run, prices change more frequently

b. Because in the long run, people can switch to greener transportation

c. Because in the short run, more gasoline can be produced

d. Because in the long run, prices will increase

2a.

Which of the following goods would you expects to have more elastic demand?

Group of answer choices

a. Chewing gum

b. Cigarettes

2b. Why? (Select all that are true)

Group of answer choices

a. Because chewing gum is comparable to more goods, that people can use instead

b. Because cigarettes have negative health effects in the long term

c. Because chewing gum has fewer regulations on its production

d. Because cigarettes generally have a higher price

Explain each concept and give examples?

(f) progressive

(g) average tax rate

(h) marginal tax rate

(i) public choice theory

(k) government expenditures

(l) rational ignorance

1. What, if anything, should be done about the deficit? Would you increase revenue? If so, what taxes would you adjust? Should expenditures be slashed, what should be decreased? By how much?

2.Which has a larger effect on aggregate demand: an increase in government expenditure or an equal sized decrease in taxes?

These questions are all related - hence I combined them. Thanks

Suppose that in order to limit the transmission of illness and disease, governments impose travel restrictions to with the consequence of preventing trade. Which variable of the Solow Growth Model changes to best capture the impact of this event?

For as long as this restriction stays in place, what is the implication for the steady state level of capital?

Because of the change, the immediate consequence will be for the steady state level of investment to

According to the Solow growth model, the steady state level of consumption will be

I. lower than the steady state before the event change.

II. lower than the level of consumption immediately after the event change.

Explain the two main functions of the Federal Reserve Bank, and name and describe the three main monetary policy tools that it has at its disposal.

Consider an economy at the steady state according to the Solow Growth Model with a per capita production function  where n=0.04, d=0.08, and s=0.3. Suppose a change in the age profile of the population leads to a reduction of the savings rate to s=0.28. As a result,

Choose an Interest Group _________________

• What circumstances caused this interest group to form? When did they form? What is its history?
• What incentives (solidary, material, or purposive) does this group offer members?
• What type (economic, environmental, etc.) of interest group is it? Why?
• What makes this interest group powerful (i.e. size and resources, leadership, cohesiveness, etc.)?
• What congressperson(s) has/have this interest group supported? Why?
• What bill(s) has this interest group been successful in influencing and/or opposing?

Choose two expansionary monetary policy actions that the FED has taking recently to counter the economic impacts of the corona virus. How are the policies supposed to help?