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The demand for ice cream is given by P = 24-Q and the supply curve by P = 4.
(a) Illustrate the market equilibrium, and compute the equilibrium price and quantity.
(b) Calculate the consumer surplus at the equilibrium.
(c) As a result of higher milk prices to dairy farmers the supply conditions change to P = 6. Compute the new quantity traded, and calculate the loss in consumer surplus.
Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic
What types of strategies and actions could the board of directors initiate which could have changed the outcome?
The cost of pollution (in billions of dollars) originating in the paper industry is Cp = 2P + P2. Where P is the quantity of pollutants emitted (in thousands of tons). The cost of pollution control (in billions of dollars) for this industry is Cc ..
Determine the two equal deposits, the first deposit required now and the second deposit at the end of year 6, so that you can withdraw $2,000 at the end of each year for the next 12 years. Assume that money earns 4% interest, compounded monthly.
Consider a village money lender who lends to borrowers on a repeated basis and the interest rate that she charges is fixed at 10%. The loans are informal and are not backed up by written contracts. The lender has no way to recover a loan if the bo..
The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year
Suppose that the demand function for apartments in a competitive market is initially D(p)=40-2p and there are 10 apartments. However, after observing how profitable it is to rent apartments, owners construct more houses
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..
Consider an agent who lives two periods. He is unemployed at the beginning of the first period and has a wage offer of w. If he accepts the wage offer w, he will work forever at that wage. If he rejects the offer, he receives an unemployment benef..
What should be our policy on immigration or illegal immigration? Should terrorism be considered? Please provide examples whenever possible.
1. In the beginning, 74 firms are in this competitive market. All firms are equal. (a) What is the total market supply curve when 74 such firms are producing at the same time (b) What is the equilibrium price and quantity in this case (c) What is the..
management at the macho burrito hacienda has completed a study of weekly demand for its
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