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Suppose that the government decides to impose a tax on the producers of potato chips. How will the tax affect the potato chips prices and the quantities sold? Explain using demand and supply curves.
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Graph Bill’s budget constraint..
Unlike the 1970s, when world oil prices skyrocketed,P the 1980s were a decade of falling oil prices. From 1981 to 1986 the price of a barrel of crude oil fell from $42 to$15. Consequently the exploration for and production of oil in the world declin..
"Suppose that a worker in Larztopia can produce either 8 lattes or 2 pizzas per day, while a worker in Whiteland can produce 4 lattes or 8 pizzas per day. Each nation has 100 workers. Also suppose that each country completely specializes in producing..
The special demand structure that induces a firm to use a cross-subsidization strategy is:
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
A 2,000 square foot house in New Jersey costs $1,725 each winter to heat with its existing oil-burning furnace. For an investment of $5,000, a natural gas furnace can be installed, and the winer heating bill is estimated to be $1,000. If the homeowne..
Illustrate why are second hand goods not included in the value of national income.
Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today. Also indicate a combination that is..
Elucidate which of the subsequent statements is correct regarding the equilibrium cost also quantity of X.
The company's engineer estimated that the production of the new product has a 88% learning curve applied to labor required, and the time to complete the first unit was 54 labor hours. Assume the time required to complete the 10th unit and the competi..
Based on discussions surrounding the controversy over the value of the Chinese yuan in foreign currency markets, is China still using central bank foreign exchange policy to maintain the value of the yuan?
If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase? If your nominal income rose by 2.8 percent and your real income rose by .9 percent in..
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