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Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. The current estimates of the price elasticity of supply and demand are η=1 and ε=-.2 respectively.
Compute linear equations for the supply and demand.
What will be the effects on the market price and quantity if the U.S. government suddenly decides to purchase an additional 2 million barrels of oil? Assume that the addition consumption of oil by the government results in a parallel shift of the supply curve to the left by 2 million barrels per day.
Stephanie's Soda Fountain sells ice cream in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing ice cream is $3.30, average varia..
Monetary expansion causes the current account balance to increase in the short run. Discuss this statement. Is the same true for fiscal expansion?
What are the advantages and disadvantages of using the Gross Domestic Product (GDP) as a measure of productivity and economic health? Explain your answers
Benson manufacturing company is considering ordering electronic components from three different suppliers. The supplier may differ in terms of quality in that the percentage of defective components may differ among the suppliers.
Nudge theory is mainly concerned with the design of choices which influence the decisions we make. According to the theory, what factors should we consider when designing choices?
What happens to Bond prices, quantities and interest rates if (Make sure to include the supply and demand graph for bonds for each question :
A common news story in any jurisdiction with single payer health care systems - for example, in Canada their socialized system does not allow private health care alternatives - is the battle that pits the government health system's refusal to pay for..
A state government is considering construction of a flood control dike having a life span of 12 years. History indicates that a flood occurs every 4 years, on average, and causes $500,000 in damages on each occasion. If the state uses a MARR of 12% p..
Which one of the following statements is not accurate? In general a production possibilities curve:
Assume that the marginal propensity to save increases. If the Fed wants to keep the level of output from fluctuating, should it undertake open market purchases or sales? In your answer discuss how the composition of GDP is affected.
Trade Secret: Criminal Enforcement. Why has criminal misappropriation of trade secrets become an issue of greater concern in recent years?
Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For every level of output, which technology is cheapest.
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