Analyze Esther Duflo’s social experiments to fight poverty

Using graphs, show the relationship between production and costs, by using marginal product of labor (MPL), Average Product of labor (APL), Marginal Cost (MC), and Average Cost (AC) curves?

What has been the role of the ILO in improving international labour standards and how effective has the ILO been in accomplishing these aims?

Which statement best describes the Federal Reserve timeframe for monetary policy implementation and observable policy effect?

short implementation time with a long lag before observation of effectiveness

long implementation time with a short lag before observation of effectiveness

short implementation time with a short lag before observation of effectiveness

long implementation time with a long lag before observation of effectiveness

short implementation time with a no lag before observation of effectiveness

long implementation time with a no lag before observation of effectiveness

1A: The discount rate is

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2A: If the Fed sells government securities (or bonds) it owns to commercial/private banks, then there is

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3A: Which of the following represents an action by the Federal Reserve that is designed to increase the money supply?

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4A: When the Fed raises the required reserve ratio, the bank’s excess reserve _____ and the money supply _____

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5A: An open market purchase (buying) of government securities (bonds) by the Fed results in _____ in reserves and _____ in the money supply.

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6A: An open market sale of securities by the Fed results in _____ in reserves and _____in the money supply.

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(PPP in China) The International Comparison Program (ICP) reported a price level index (PLI) for China of 42 in 2005 and 54 in 2011. Recall that, by construction, the PLI for the United States is always 100. 1. Find the percent change in the Yuan-dollar real exchange rate between 2005 and 2011. 2. In 2005 the size of the Chinese economy, at PPP exchange rates, was 43 percent that of the U.S. economy. Ignoring growth in physical output, find the size of the Chinese economy, at 2011 PPP exchange rates, relative to that of the U.S. economy. 3. Suppose instead that all of the observed real appreciation of the yuan was due to the imposition of import tariffs by China. Assume that in the U.S. and China the price level is given by P = Pγ XP1−γ M , where γ = 0.5, PX and PM denote export and import prices, respectively, and that absent tariffs the law of one price holds. Find the size of the import tariff.

Answer one of the questions please

Give and example of a negative or a positive externality. What type of Pigovian solution would you propose to equalize the private and social cost or benefit? Can a private solution be reached (following the ideas of Ronald Cause?) Why or why not?

What are the two important functions that profits and losses perform, according to Ludwig von Mises, which cannot be replicated under socialism?

Explain Arrow's impossibility theorem. What is Arrow's main conclusion? What is his main contribution ?

Define Pareto Optimality. State the three conditions for Pareto optimum. What are the four main criticisms to Pareto's welfare theory?

2. Suppose a video game company sells the following two products separately: console and headset. Through a consumer survey group, it has estimated that the following individuals value the two products at the following prices:

a) If the company prices the console at $350 each and the headset at $40 each, how much revenue will the firm receive?

b) If the company prices the console at $200 each and the headset at $60 each, how much revenue will the firm receive?

c) Suppose the company bundles the console and the headset together for a package price of $260 each. What would be the total revenue in this case?

d) Is there a bundle price at which both consumers will purchase the package that yields the highest revenue of any possibility on this page? If so, what will it be? If not, why not?   

Is the absence of a COVID vaccine an example of market failure? Explain    

Chepa’s utility function is given by U (x, y) = ln x + 4 ln y. Assume that Chepa has endowments (10, 10) and that Py = 10 throughout the problem. (h) This part of the question is to investigate Chepa’s welfare under different prices. We will do it step by step.

(i) By substituting out the M with the expression of Chepa’s endowment income (see part (g)), obtain Chepa’s gross demands as functions of Px.

(ii) Plug your answer to (i) into Chepa’s utility function (that is, replacing the general x and y in her utility function by the optimal x and y given Px) to obtain an expression of the maximal utility achieved by Chepa as a function of Px.

(iii) Find the value of Px that gives Chepa the lowest utility. (Hint: Take the answer to (ii), differentiate it with respect to Px, set the derivative to zero and solve for Px in that equation. It is a good practice to check the second order condition to make sure you are getting a minimum — but if you feel uninterested or that this is too hard, you can trust that I am giving you a “nicely behaved” minimisation problem and skip checking the SOC.)

(iv) Explain the economic meaning of your result in (iii).

Define labour force participation rate and explain why it is always less than 100%?