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One convenient way to express the willingness-to-pay relationship between price and quantity is to use the inverse demand function. In an inverse demand function, the price consumers are willing to pay is experessed as a function of the quantity available for sale. Suppose the inverse demand function (expressed in dollars) or a product is P = 80 - q, and the marginal cost (in dollars) of producing it is MC = 1q, where p is the price of the product and q is the quantity demanded ad/or supplied.
a) How much would be supplied in a static efficient allocation?
b) What would be the magnitude of the net benefits (in dollars)?
Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public saving is $0.2 trillion. Assume that the economy is closed. Calculate consumption, government purchases, national saving, and investment.
Luke has $16 to spend on his lunch at his school cafeteria every week. A slice of pizza (P) costs $2 and a submarine sandwich (S) costs $4. Luke likes an average more than extremes. Draw an indifference curve diagram (place pizza on the horizontal ax..
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $446. In 2007, Big Oil produced gasoline worth $353 and sold gasoline worth $217. How much did Big Oil add to Mandeville's GDP i..
A market analysis conducted by SUNY Canton suggests the following market demand and marginal revenue relations: Public Demand: PPU = 225 - 0.005QPU and MRPU = 225 - 0.01QPU Student Demand: PST = 150 - 0.01QST and MRST = 150 - 0.02QST Total fixed cost..
Illustrate what are the levels of income every worker also consumption every worker at the initial period. Remembering that the change in the capital stock is investment less depreciation.
Which of the following are flows. If a flow, which of the five major kind(s) of capital does it increase or decrease.
Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of o..
Danny “Dimes” Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.25 each, he sells 250. At a price of $1.75 each, he sells 300. a. What is the elasticity o..
What are the factors which led M&S to internationalize
Firm incurs two types of costs of production: fixed costs and variable costs. Can you name an industry where the fixed costs are relatively high compared to the variable costs? Can you name another where the variable costs are relatively high compare..
How would a law preventing landlords from charging above $900 give different results. What is such a price restriction called.
Vasco likes spare ribs, R, and fried chicken, C. His utility function is: U(C, R) = 40R^2C. His weekly income is $180, which he spends on only ribs and chicken. If he spends $20 for a slab of ribs and $10 for a chicken, what is his optimal consumptio..
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