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Suppose the linear demand curve fir shirts slopes downward and that consumers buy 500 shirts per year when the price is $30 and 1,000 shirts per year when the price $25.a. Compared to the prices if $30 and $25, what can you say about the marginal valuation that consumers place on the 300th shirt , the 700th shirt and the 1200th shirt they might buy each year?b. With diminishing marginal utility, are consumers deriving any consumer surplus if the price is $25 per shirt? Explainc. Use a market demand curve to illustrate the change in consumer surplus if the price drops from $30 to $25.
People end up tossing 12% of what they buy at the grocery store (Reader's Digest, March, 2009). Assume this is the true population proportion and that you plan to take a sample survey of 540 grocery shoppers to further investigate their behavior.
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
Economic growth, as examined through raise in real GDP per capita, is a target for most countries. This is often interpreted as an raise in economic welfare for citizens.
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
For the consumer price index (CPI) values shown, calculate the rate of inflation in each year from 1930 to 1933. Year: 1929 1930 1931 1932 1933 CPI: 51.3 50.0 45.6 40.9 38.8
You currently pay $10,000 per year in a rent to a landlord for a $100,000 house, which you are considering purchasing. you can wualify for a loan of $80,000 at 9% if you put $20,000 down on the house. To raise money for your own downpayment, you w..
Suppose that in a duopoly firms have constant marginal cost MC = 10 per unit. Firm 1 faces demand function q1 = 100 - 2p1 + p2, while firm 2 faces demand function q2 = 100 - 2p2 + p1. What is the Nash equilibrium of this game. What is the Nash equ..
Assume the Following IS-LM Model E Expenditure sector Sp = C + I + G + NX C = 110 + (2/3)YD Calculate the equilibrium values of private domestic investment (I), tax revenues (TA), and real money demand (md). How much of private domestic investment (I..
Building on (b), suppose that the worker can earn overtime for each hour above 40 hours worked per week. Her base pay remains at $10/hour, but she earns one and one-half time for each hour beyond 40 hours.
Find the market price if the cost of quality v to a seller is c(v) = v/4.Find the market price if the cost of quality v to a seller is c(v) = 2v^3 Consider case b. and suppose the utility the buyer receives from a car of quality v is U(v).
If the t ratio for the slope of a simple linear regression equation is equal to 1.614 and the critical values of the t distribution at the 1% and 5% levels of significance, respectively are 3.499 and 2.365, then what is the slope
A man buys a corporate bond from a bond brokerage house for $925. The bond has a face value of $1000 and pays 4% of its face value each year. If the bond will be paid off at the end of 10 years, what rate return will the man receive
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