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- Second Fundamental Theorem of Welfare Economics a. Describe the theorem, making sure that you define clearly the terms used in the description (e.g. if you use the term “efficient” you have to describe what this means). b. Explain why the theorem implies that there is no intrinsic trade-off between efficiency and interpersonal equity. c. Demonstrate your argument using an Edgeworth box, making sure that you describe all the elements of the box appropriately.The law of diminishing marginal utility is consistent with the fact that people trade. Do you agree or disagree? Explain your answer.Which of the following scenarios best depicts a rational buyer? Select one: a. Damien chooses to buy a sandwich for $5 when the marginal benefit of the sandwich to him is $7. b. Darwin ignores factual information given to him and makes a decision based only on how feels that day. c. Mary values a bag of salad at $2, but she buys the bag of salad when the price is $4. d. John walks into a grocery store and purchases monthly groceries without paying attention to the prices of groceries.
- a) Prove that when the consumer is in equilibrium the marginal utility that is placed on the goods he/she consumes is equal to its price. Explain how the consumer can restore equilibrium if market condition changes.This is an economics-based multiple-choice question... Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives in the city in which she was born. B) Maria likes to cook the dishes her mother used to cook. C) Vanessa is the first person in her family to go to college. D) Ahmed has played piano since he was four years old.Create a situation where you select one of two different items, both are WANTS. Describe the item’s advantage for the one you choose and state the opportunity cost.
- Public schooling is a "take-it-or-leave-it" option. Individuals are not allowed to supplement public education with private lessons. How would the diagram be modified if parents could purchase additional houses of education for their children who are already enrolled in public school? a. No change to the diagram b. The budget constraint shifts to the right and passes point X c. The budget constraint shifts left and passes point c0 d. The indifference curve shifts down and to the left and passes point xRajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting. Which basic principle of individual choice do these statements best illustrate? People face trade-offs. Rajiv has an incentive to spend more time on skiing than on shooting. People usually exploit opportunities to make themselves better off. Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.Which of the following statements is correct? a. Contingent commodities are goods delivered only if a particular state of the world occurs. b. The key insight offered by state-preference models is to reframe the study of behavior under uncertainty back into a problem of utility maximization subject to a budget constraint (standard choice-theoretic framework). c. Insurance markets are an example of markets for contingent claims. d. All of the above.