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Suppose you are in charge of a toll bridge that is essentially cost free. The inverse demand for bridge crossings Q is given by P = 20 - Q/3, where P designates the potential toll fee.
(a) How many people would cross the bridge if there was no fee.
(b) What is the loss of consumer surplus associated with the charge of a bridge toll $5?
(c) As the toll bridge operator you're debating raising the toll to $6. At this higher price,would the toll revenues increase or decrease? What does your answer tell you about the elasticity of demand?
Nowhereistan is a poor country in an island in middle of nowhere. It produces only apples, bananas and oranges. The following are the information for 2009 (base year) and 2010
Suppose you are hired by the Martin guitar company as an economic consultant. You estimate the demand for Martin guitars to be Q = 9,000 – 6P.
In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm produ..
Illustrate fiscal policies also monetary policies which would be appropriate at this time.
suppose a large open economy with perfect capital mobility has a real interest rate that equates national saving and
There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. Explain why do shortages and surpluses exist for different games.
In a certain year the aggregate value demanded at the existing price level consists of $100 billion of use, $40 billion of investment, $10 billion of net exports, and $20 billion of government buy.
A recent editorial advocated a cut in the payroll tax, with the argument that such a tax cut would "stimulate employment, since employers shoulder half the burden of the tax." Use a graph to illustrate circumstances under which this would and woul..
Conventional telephones are frequently breaking down, and it takes months to get a new line installed. Firms are thinking of adopting new parallel wireless system offered by private firms,
Associate a current event article which relates to government regulations or antitrust activities.
Find the optimality conditions characterizing an equilibrium. Suppose there is no government spending, that the real value of bonds Bt/Pt is constant, and that the nominal money supply grows at a constant rate. Solve for a steady state of the economy
suppose that in a competitive market for electric power demanded for power is given by the equation p600-q and supply
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