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Questions:
a. Calculate the equilibrium quantity and equilibrium price in the microwave market.
b. Draw the demand and supply curves for this market. On your graph be sure to label the y-intercept for both the demand and the supply curve. Be sure to also label the equilibrium quantity and price on your graph.
c. Assuming that the microwave market has reach equilibrium, what is the value of producer surplus in the microwave market?
d. Now suppose that the government decides to impose a $50 excise tax on the sellers of microwaves. After the tax has been imposed, how many microwaves are sold? What price do consumers pay for a microwave with the tax? What price do sellers receive with the tax? Who pays more of the excise tax - consumers or sellers?
a. How does the provision of Social Security affect people's incentive to save while working?
Think about the merchandise sold at Office Depot, Staples, and Office Max, and list 3 to 4 types of merchandise that fall into extended problem solving, limited problem solving, and habitual decision making for college students.
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When a firm has the opportunity to add a project that will utilize excess factory capacity (that is currently not being used), which costs should be used to help determine if the added project should be undertaken?
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The annual rate of inflation average 2 percent during the past decade, but borrower and lenders anticipation that the price level will rise at the rate of 3 percent next year. The current nominal interest rate is 7 percent. What is the real rate of i..
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Now suppose that GDP increases as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run
Suppose to have a linear programming problem. It is known from the optimal solution that allowable increase of the cost coefficient c1 is equal to 20. Initial value of c1 is 50. If we change the initial value of c1 to 80 the value of objective functi..
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Discuss the use of economic theory by the government in creation of the Affordable Care Act of 2010.
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