User Account

All Pages

A demand and supply curve for tickets to the celine dion

Assignment Help Microeconomics
Reference no: EM13316100

1 .a. Explain Giffen good (draw a graph). Are all inferior goods Giffen good? 

b. Suppose you live on two goods. Explain why two goods cannot be inferior at the same time (hint: draw Income Consumption Curve).

2. A demand and supply curve for tickets to the Celine Dion concert is given as follows: 

Demand: Qd = 200 – 4P

Suppply: Qs = 100 + P

a. At an equilibrium price, calculate the price elasticity of demand at the equilibrium price. 

b. At an equilibrium price, calculate the consumer surplus (the area).

3. (challenging) Suppose gold buyers are located in New York and Zurich. At the current price of gold, $400 an ounce, total quantity demanded (QNY + Qzurich) for gold is 10,000 ounces; and the price elasticity of demand for gold in New York and Zurich are 3 and 2 respectively. The slope of each demand curve and current price of gold in New York is the same as in Zurich. 

a. Find the quantity demanded for gold in New York and Zurich at the current price, respectively. 

b. Find the slope of demand curve in New York (which equals that in Zurich). 

4. Blanca has her choice of either a certain income of $20,000 or a gamble with a 0.5 probability of $10,000 and a 0.5 with a probability of $30,000.

a. What is the expected value of the gamble? 

b. Suppose Blanca would prefer a certain income of $20,000 to the expected value of the gamble. Explain her preference toward risk by drawing a graph. 

Reference no: EM13316100

Questions Cloud

Using a backtracking algorithm : If the backtracking algorithm finds a dead end, it retraces its path until it reaches a position from which there is an untried path. The backtracking algorithm always tries all directions from any position, and always in the same order.
Should it raise prices or lower prices explain : Suppose a pizza parlor is interested in increasing total revenue by adjusting its price. Should it raise prices or lower prices? Explain giving concrete examples.
What could be the main motives for marriott : Identify several major categories of segmentation used by Marriott. For each relate specific examples of hotel services tailored to various target n www.marriott.com offers a brief description of 13 brands of various Marriott hotels catering differ..
Find how long does it take for the grinding wheel to stop : An electric motor rotating a workshop grinding wheel at a rate of 9.80x10^1 rev/min is switched off. how long does it take for the grinding wheel to stop
A demand and supply curve for tickets to the celine dion : Suppose Blanca would prefer a certain income of $20,000 to the expected value of the gamble. Explain her preference toward risk by drawing a graph.
How many photons are emitted by the laser : Consider laser eye surgery, in which laser light with a wavelength of 426 nm at a power output of 1.6 W is used to reattach a detached retina. how many photons are emitted by the laser
Find the least number of turns that the winding must have : An air-filled toroidal solenoid has a mean radius of 15.1cm and a cross-sectional area of 4.95cm2, find the least number of turns that the winding must have
Military and civilian flight operation : Military and civilian flight operations continually considering methods to improve safety through training
The effect of a rent ceiling set above the equilibrium : The effect of a rent ceiling set above the equilibrium price is powerful, eliminating price as a regulator of quantity supplied and quantity demanded.is powerful, strengthening price as a regulator of quantity supplied and quantity demanded.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd