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1. The supply curve for t-shirt is given by the equation Qs=P/6 where Qs is quantity supplied and P is the price. The demand curve is given by Qd=6-p?3 where Qd is quantity demanded.
i) Calculate the equilibrium price and quantity in this market, and draw the corresponding supply/demand curves.
ii) Suppose the local government imposes a tax of 4.5 per unit on firms selling t-shirts. What are the new equilibrium values for price and quantity?
iii) Now suppose the local government provides a subsidy of 4.5 per unit to firms selling t-shirts. What are the new equilibrium values for price and quantity?
Alexander Company is a used car dealership serving Los Angeles Metropolitan area. The corporation has experienced a rather sharp decline in used car prices in recent years.
Assume that the low-calorie frozen, microwavable food company from Assignments 1 and 2 wants to expand and has to make some long-term capital budgeting decisions. The company is currently facing increases in the costs of major ingredients.
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Many individuals commit crime under conditions of temporary diminished rationality by discounting severely future consequences of criminal behavior (see chapter 12, Cooter and Ulen's textbook). Explain why policies that aim to increase the likelihood..
Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1)
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Even if a perfectly competitive firm produces at a loss in the short run, continued production is prefer abled to shutting down as long as:
Suppose that it is proposed to create a single local jurisdiction and government for your entire metropolitan area or region, to be called Metroland. It would replace all cities and/or towns that currently provide basic local services (such as public..
Calculate the government-taxation multiplier for each marginal propensity to consume. What do your results imply about the relative strength of changes in government spending versus changes in taxation for fiscal policy, all else equal?
Lucas saved his tin foil for over 80 years, and just sold his collection to "Believe it or not" for $25,000,000. Way to go, Lucas! The "Believe it or not" organization will pay Lucas his money in 25 annual installments of $1,000,000 each, with the fi..
State what you think will cause market fluctuations over the next few years as the economy struggles to recover.
Les argues that the 10 year note is a better risk free rate at 2%. He also argues that the stock market is too high and the expected return is really only 5%. Assume that he is correct. The company has a beta of 1.6. What is the cost of equity?
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