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The following relations describe the supply and the demand.
Qd = 50 - P; Qs = 0.5P-10
a. Plot the supply and demand curvesb. Calculate the equilibrium price and equilibrium quantity.c. Suppose the government imposes a price ceiling of $30 in this market.Determine mathematically and graphically the loss of social welfare.
a) What would happen to the quantity demanded of cigarettes if income increases b) Are cigarettes a "normal" or "inferior" good c) What would happen to the quantity demanded if household income were to rise by 1% next year
A widget production machine can be purchased and installed for $100,000. It is in the seven-year GDS property class, and is expected to be kept in service for eight years. It is believed that $7,500 can be obtained.
Each acre can support 10 banana trees. However the 3 acres differ in their ability to support mango trees. She can grow 30 mango trees on the best land, 20 mango trees on the good land, and 10 mango trees on the bad land.
Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the tw..
Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so all thre..
Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents.
The firm operates in perfectly competitive market and product markets. The going price of capital (r) is $1,000 per machine per week. Moreover, the firm sells its output at the going price (p) of $1 per widget. Consider the firm's short run labor ..
Choose either $1,350,000 or $1,750,000 to be the more appropriate fixed cost for a product layout, and consider the other value as the fixed cost for a process layout. Similarly, choose either $240 or $310 to be the variable costs for the layouts.
Which policy would a supply-sider prefer, an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card pur..
Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year's payment is $500, the second year's payment is $600, the third year's payment is $7000, and so on, and there is a total of 20 payments. The ann..
The cost structure of a manufacturer of cable modems is described in the following table. The firm's fixed costs equal $10.00 per day. Output(cable modems per day Total cost of output ($ thousands) 0 10 25 60 50 95 75 150
Suppose that the Fed's inflation target is 2%, potential output growth is 3.5%, and velocity is a function of how much the interest rate differs from 5%: %^V= 0.5 X (i-5). Suppose that a model of the economy suggests that the real interest rate is..
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