Sarah has $300 to allocate between opera tickets and movie tickets. The price of each
opera tickets is $60, and the price of each movie ticket is $6. Her marginal rate of
substitution (MRS) of opera tickets for movie tickets equal 5, regardless of what
market basket she choose.
(1) How many opera and movie tickets will she purchase? (10 分)
(2) If the price of each opera ticket is $30 and the price of each movie ticket is $6, how
many opera and movie tickets will she purchase? (10 分)
(1) Give the economic meaning of parameter g.
(2) Find the equilibrium national income Y.
(3) what restriction on the parameters is needed for a solution to exist? Give its
economic meaning.
Economic integration refers to the joining together of separate national markets. Stages
of integration range from partial bilateral reductions of tariffs to the complete abolition
of all restrictions on commodity and factor flows. (20 分)
(1) Describe two forms of economic integration, free trade area and customs union.
(2) Explain trade creation and trade diversion.
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