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Q#1Assume the demand curve for beer is given by P=11.7-2Q; the supply curve is given by P=Q. (a) Find the equilibrium quantity and the corresponding market clearing price. (b) Now assume the supply of beer will be subsidized with $0.30 per beer. What is the quantity consumed/supplied? What are the prices? Calculate the total subsidy paid. How much will be gained by the suppliers of beer? What is the overall change in welfare? Is this a gain or a loss? Q#2: Karl and John exhibit different consumption pattern when they fill their cars at the (gasoline) filling station. Karl always buys 5 gallons, regardless of the price of gasoline. John always spends $20 on gasoline, regardless of its price. Calculate the price elasticity of Karl and John and show your work! Q#3: About 100 million pounds of dates are consumed in the United States each year, and the price has been about 50 cents per pound. However, date producers feel that their incomes are too low and have convinced the government that price supports are in order. The government will therefore buy up as many dates as necessary to keep the price at $1 per pound. However, government economists are worried about the impact of this program because they have no estimates of the elasticities of date demand or supply.a. Could this program cost the government more than $50 million per year? Under what conditions? Could it cost less than $50 million per year? Under what conditions? Illustrate with a diagram. b. Could this program cost consumers (in terms of lost consumer surplus) more than $50 million per year? Under what conditions? Could it cost consumers less than $50 million per year? Under what conditions? Again, use a diagram to illustrate.
What is the current unemployment rate (hint: the update on the unemployment rate is usually released the first friday of each month) Do you think this unemployment rate is generally considered to be above, below or equal to NAIRU
The Future 2055 The U.S. economy is at full employment. President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade. He is cons..
What is the gross demand for consumption by a ICIW tribe member for pineapples in period 1? In period 2? For a GHN tribe member in period 1? In period 2?
explain the difference between a positive and negative externality. in your analysis make sure to provide an example of
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What are the primary differences between industrial users and home users of electricity that allow the utilities to discriminate between the two markets in terms of price
Johns goes to a football game and buys a ticket for $75. He has to take off two hours of work to go to the game. he earns $15/hr at work. His drive to the game requires $7 in gas. Given this information, John's opportunity cost of going to the game i..
On january 1,2005, a person's saving account was worth $200,000. Every month thereafter, this person makes a cash contribution of $676 to the account. I f the funds is expected to be worth $400,000 on january 1,2010, what annual rate of interest is b..
An article in BusinessWeek warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to "export its way out of trouble" by oversupplying everything from automobiles to semiconductors.
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