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There are six equally productive individuals on the island. Each person can gather 25 coconuts in one day or build one hut in a day.a) Draw the production possibilities frontier of the trade off between coconuts and huts.b) Compute the opportunity cost of building two more huts in one day.c) what would have to occur for three huts to be produced along with 100 coconuts?
Suppose a production possibilities frontier includes the following combinatinos: Cars Washing Machines 0 1,000 100 600 200 0 a)graph the PPF, assuming that is has no curved segments b)what is the cost of producing..
If taxes were cut by $200 billion, the resulting spree would amount to Initial increase in consumption = 0.75 3 $200 billion = $150 billion ( a ) By how much does consumer saving increase initially ( b ) How large is the initial spending injection
Consider the following information about the market for Bayer Heroin-Hydrochloride: P = 10.525 - 0.1QD P= 3.25+1.4QS a. What is the equilibrium market price for heroin b. What quantity of heroin is sold at market price What quantity is demanded
In solving the problem,when your taxable income lies exactly on the border of the 22% bracket ( so that adding one dollar takes it to the beginning of the net bracket), choose the next bracket i.e. 26% as the marginal rate for your federal tax, t..
Gasoline costs $0.95 per liter and will increase at 6% per year. At a fuel economy of 9km/liter, what is the present worth cost of fuel for five years of driving 30,000km per year? Use 6.2% interest. What is the equivalent equal annual cost of the..
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
A Whoey option pays the difference between the final price and the maximum price of a stock over the period of the option. For example, if the price of a stock is 200, 220, and 234 in the previous periods (here periods 0, 1, and 2), the maximum pr..
Consider the following setup for problems #16-#20: C = 1000 + 0.7(Y - T), I = 400, NX = 300 - 0.2Y, G = 10001.) What are the marginal propensities to consume and to import, respectively 2.) Suppose taxes are 1000, then what is the level of equilibriu..
Suppose that a model of the economy suggests that the real interest rate is determined by the equation r= 8.35-%^Y where Y is the level of output, so %^Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation targetI..
Suppose that two identical firms produce widgets and that they are the only firms in the market. Their costs are given by C1 = 60Q1 and C2 = 60Q2, where Q1 is the output of Firm 1 and Q2 the output of Firm 2.
what are the optimal markups for widgets and gadgets Marginal revenue = Price(1 + 1/Price elasticity) since price is positive (always) so we can ignore that part when determining the sign of MR MR is negative if 1+1/elasticity is negative and positiv..
Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good
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