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4 pages/≈1100 words
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Subject:
Mathematics & Economics
Type:
Math Problem
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English (U.S.)
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Topic:

Economic Problems

Math Problem Instructions:

Use the concepts studied in class and during the lectures to answer the following questions. Do not hesitate to include material you may have learned outside of the course if it is pertinent. Provide structured arguments that show the thinking process you have gone through to arrive to the position you will be stating.
Question 1. What are the hypothesis of the Malthusian model and why are they made? Are they realistic? (4 points)
Question 2. Does maximizing your utility mean having no regard for others’ payoff?
(4 points)
Question 3. How would you define a negative externality? Discuss the potential solutions that could be implemented to deal with problems related to negative externalities. (4 points)
Question 4. Consider the following indifference curves depicted in figures 1 and 2 representing the preferences for any two goods B and C. Do these curves violate any of the principles that well-behaved indifference curves would satisfy? Explain your answers. (3 points)BAccFigure 1Figure 2



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Math Problem Sample Content Preview:

Economic Problems
Name Course Instructor Date
Question 1: Malthusian model hypothesis
Thomas Malthus hypothesized that the growth rate of a country's population grows in proportion to the total population. In other words, the more people there are at time t, the more there will be in the future. Malthus suggested that a country’s population doubles every 25 years, growing from period to period in a geometric progression when there are no obstacles, while food production grows through arithmetic progression. The hypothesis was wrong as Malthus ignored the impact of technology on agricultural production and different societies having different growth rates and growth rates change.
Question 2: Does maximizing your utility mean no regards for others’ payoff
No, maximizing one’s utility does not mean disregard for others. A rational decision-maker focuses on maximizing their payoff and this mat leave other agents better off. People are at different levels of utility, partly based on tastes and preferences. Cooperation affects the ability to maximize payoff when one has to compromise.
Question 3 Negative externalities and solutions
Negative externalities refer to all kinds of harmful effects for society, generated by production or consumption activiti...
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