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Consider a person A, who is extremely thirsty. His maximum willingness to pay chart is given below. Glasses of water Maximum willingness to pay 1st glass $10 2st glass $6 3st glass $3 4st glass $1 From his fifth glass onwards, A is not willing to pay any money. a) Construct A’s demand curve from the above information. (Put the # of glasses demanded on the x-axis, and the price of a glass of water on the y-axis.) b) Suppose the price charged for a glass of water is $4/glass. How many glasses will A buy? Calculate (and show in a graph) A’s consumer surplus from this transaction.
Which of the following occurs when a market is efficient?
Identify the various taxes governments utilize to fund the public sector and the impact of those taxes on both the producer and the consumer
Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?
Suppose that a manufacturing firm in New Jersey, we found that Average variable cost = $10. If the firm's pricing strategy is to add a 25% m on cost, what price should ark up, what price should the company charge?
In this question, you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Every election season, the Affordable Care Act commonly known as OBAMACARE, beco..
Illustrate what can we conclude about the income elasticity of demand?is it positive or negative. what class of goods candy bar belongs to.
Research and define Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT). How are they the same and how are they different?
Amazon has entered international markets with sites in a number of other countries. The company believes that an aggressive international strategy is essential to its continued growth. Has Barnes & Noble take the same approach? What are some noticeab..
The dynamic provision policy was given by a formula imposed by the central bank. It could have been a discretionary approach (determined on a case by case basis by regulators). How would banks’ behavior differ in the case of a discretionary approach?..
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
Distinguish between comparative advantage and competitive advantage (may take some research on your part). Which is used by economists as a justification for international trade? Why?
Due to limited borrowing options, the government may ask the central bank to print money. We also learned that the real seinorage revenue of the government depends on inflation and real money holding of the public, that is R= \prodM/P?. Explain the c..
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