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problem 4 - ECON 162B-A0 A1 Fall 2010 PROBLEM SET NUMBER...

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ECON 162B-A0, A1 Kenny Christianson Fall 2010 due: October 22 PROBLEM SET NUMBER FOUR 1. In response to the credit and financial crisis, President Obama participated in a town hall meeting on September 20, 2010. The link is http://www.whitehouse.gov/the-press-office/2010/09/20/remarks-president-cnbc-town-hall- discussion-jobs After reading the speech, answer the following questions: a. According to the National Bureau of Economic Research, when did the recession officially end? b. According to the president, what are the current challenges faced by the economy? b. What remedies to these economic problems are recommended by the president? 2. Assume that an economy produces three goods, mugs, jugs, and hugs. Hugs (of the Hershey variety) are their food source. Mugs and jugs are used for carrying water; they are good substitutes for each other. The quantities and prices for each of the goods in years one and two are given by the following table: YEAR 1 YEAR 2 good quantity price good quantity price hugs 100 $2 hugs 200 $3 mugs 200 $3 mugs 150
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