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(a) "Lately the price of gold keeps going up and up, and people keep buying more and more. The demand for gold must be upward sloping." Does this statement contain an analytical error? Fully explain your reasoning
(b) What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase? If national income falls, what happens to the demand for pizza? What happens to the demand for pizza if the price of hamburgers increases? What happens to the demand curve for pizza? What are the effects on equilibrium price and quantity of pizza?
(c) Suppose that a big football game is a sell-out on a college campus at a given ticket price of $25.00 and that the quantity demanded far exceeds the quantity of tickets supplied at that price. "Scalping" results. Fully explain this on the basis of supply and demand. What will occur?
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Discuss, relating in part whether such highways are public goods and whether or not privatization should work.
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Dana's Doorsteps (DD) is a monopolist in the doorstep industry. Its cost is C= 10Q and demand is P = 30- Q.
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
Use diagram to describe how each of the following events affects the equilibrium price and quantity of pizza (draw a separate diagram for each event)
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