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Suppose that when the price of peanut butter rises from $2 to $3 per jar, the quantity of jelly purchased falls from 20 million jars to 15 million jars.
The cross-price elasticity of demand between peanut butter and jelly using the midpoint method is?
Heterogeneous consumers. A monopolist offers a single price to two consumers with the following demand functions: p1(q1) = 120 − q1 p2(q2) = 45 − 1 2 q2. The firm experiences a constant marginal cost of production, c = 10. Graph aggregate demand, mar..
A monopoly produces widgets at a marginal cost of $8 per unit and zero fixed cost. It faces an inverse demand function given by P = 38 – Q and MR = 38 – 2Q. What are the profits of the monopoly in equilibrium? What are the consumer surpluses in equil..
Please show how labor markets (assumed to be competitive and initially in equilibrium) are affected by the following changes. Clearly explain your reasoning. Labor market for math and science teachers. Wages available in private industries utilizing ..
Two suppliers have been contracted by a government agency to provide a total of 250 hours of training services to help agency employees learn how to use a new computer system. The marginal cost curve of firm 1 is MC1=15+.4Q1, while the marginal cost ..
Suppose John now has W = $4900 and foresees that there is 50% chance encountering a big loss of $4800 in the future. Assuming that John's preference can be described by the utility: U ( W ) = sqrootW. What is John's expected future wealth? What is Jo..
Interest payments on which bonds that make up the U.S. public debt is considered to be the greatest burden on the U.S. economy? Bonds: a) owned by Americans. b) owned by the Rest of the World. c) owned by the Social Security trust fund. d) owned by t..
Explain how much government securities should be purchased/sold if an open market operation is undertaken
Achieving lower pollution Suppose the government decides to raise the gasoline tax as a way to reduce air pollution and traffic congestion to their optimal levels. Which of the following describes why corrective taxes, such as the gasoline tax, are u..
A physical therapy clinic faces a demand equation of Q = 200 – 1.5 × P, where Q is sessions per month and P is the price per session. a. The clinic currently charges $80. What is its sales volume and revenue at this price? b. If the clinic raised its..
Explain how to construct and interpret a Lorenz curve for the distribution of income and wealth; discuss the factors that explain the distribution of income in the US and compare and contrast income inequality in US with other countries.
At its current level of production a profit-maximizing firm in a competitive market receives $15 for each unit it produces, and faces an average cost of $10. At the market price of $15, the firm’s marginal cost curve crosses the marginal revenue curv..
How does the Federal Reserve lower interest rates, and explain why it wants to keep them low at the present time?
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