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Semester "Spring 2010""Microeconomics (ECO402)"Assignment No.01 Marks: 20Question 01:Suppose the supply and demand equations for market of rice in year2009 are:Qs =1500+200PQd = 3000 - 210P
A. Calculate the equilibrium price and equilibrium quantity of ricefor 2009.B. Calculate the elasticity of demand and elasticity of supply;what do you conclude from these answers whether these are elastic orinelastic.(Marks = 4+6)
A professor is retiring and wants to endow a faculty position in his honor. It is expected that the endowment will need to cover an annual cost of $100,000. What lump sum must he donate to the university if the endowment will earn 10% interest
The supply curve for cars is given by the following: Qs = 2p-1000. Further the demand curve for cars is given by Qd = 8000 - p. In the equilibrium for the car market own price elasticity of demand (in absolute value terms) is equal to
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT
Suppose there are four oil producers in the crude oil market, A, B , C and D. The marginal cost of A is $10. The marginal cost of B is $12. The marginal cost of C is 13. The marginal cost of D is $15. Note that in all three cas..
Deliverable Length: 1 graph plus calculations You must give up your full-time job, which paid $50,000 per year, and you worked part-time for half of the year. The average retail price of the cookbooks will be $30, and their average cost will be $2..
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce).
The consumption bundle and prices for years 0 and 1 for Sam are shown below: Item Q0 P0 Q1 P1 Wine 45 $5.00 60 $3.50 Bread 120 $2.00 90 $2.50 a. Using the market basket in year 0 and setting the CPI for year 0 = 1.00, calculate the CPI for year 1
A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated inflation rate is 8%.
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..
Full-employment level of real output is $250 and the initially the price level is 100. Use the short-run aggregate supply schedules above to answer the questions that follow a)What will be the level of real output in the short run if the price leve..
a. Warner is selling in a perfectly competitive market at a price of $40. What is the profit maximizing or loss-minimizing output b. Calculate the firm's profit or loss. Show computation. c. Should the firm continue to produce in the short run
Patton Paints Corporation has a target capital structure of 30% debt and 70% common equity, with no preferred stock. Its before-tax cost of debt is 11% and its marginal tax rate is 40%. The current stock price is P0 = $33.00. The last dividend was..
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