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3) If the two functions from questions 1( MB(q)=320-18q ) and 2 ( MC(q)=20+6q ) were demand and supply functions:
(a) Plot both functions on one graph.
(b) Show (i.e., calculate algebraically, brie y showing your steps) what the equilibrium price and quantity would be.
(c) Calculate total economic surplus associated with the crude oil market and indicate how much of this surplus accrues to consumers and how much to producers
4) Suppose that crude oil extraction imposes an external cost of $84 per million barrels/day (constant marginal external cost).
(a) Plot a new graph that includes these external costs
(b) Identify the optimal quantity and market price in the presence of the external cost.
(c) Calculate the deadweight loss associated with the presence of the externality
What is the total amount of interest collected from a $5,000 loan after three years with a simple interest rate of 6%? If you receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged? You..
A study the seasonal demand and supply, explain what happened to cause the oil prices to fall to consumer demand in early 2015. Draw demand and supply curves to explain what happened.
Then do similar for every of the determinants of supply in Equation 2.2. In every instance, would equilibrium market price increase or decrease.
Consider an open economy in which prices, interest rates and the exchange rates all vary. Explain briefly the effect expansionary fiscal policy would have on… The exchange rate. Does the dollar appreciate or depreciate? The trade balance. Improve or ..
Suppose 1-year T-bills currently yield 7.00% and the future inflation rate is expected to be constant at 4.50% per year. What is the real risk-free rate of return, r*? Disregard any cross-product terms, i.e., if averaging is required, use the arithme..
Introductory economics textbooks usually first introduce the minimum wage as an application of demand and supply analysis. This initial discussion is usually based on the following assumptions: the labor market is perfectly competitive, the minimum w..
Discuss the concept of “jurisdiction” discussed in the text on pages 83-92, including its application in the Federal Court System and the various State Court Systems.
Supposre that there are equal numbers of each customer type, and that the MC of the iphone is $100."
You decide to buy 500 shares of stock at a price of $70 and an initial margin of 55 percent. What is the maximum percentage decline in the stock before you will receive a margin call if the maintenance margin is 25 percent?
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
The following estimated equation was obtained by OLS regression using quarterly data for 1958 to 1976 inclusive: Yt = 2.20 + 0.104X1t − 3.48X2t + 0.34X3t. (3.4) (0.005) (2.2) (0.15) Standard errors are in parentheses. Define the seasonal dummy variab..
Write down John's lifetime budget constraint. Explain how much does he save for the retirement when he is at work.
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