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You head the introduction of a new drug, Prilosec OCD. Prilosec OCD is a version of Prilosec OTC designed for obsessive compulsives with heartburn (exactly 1 pill must be taken every 23 minutes precisely). You estimate that the demand curve is Q=500 -1/2.p. Your cost accountants estimate that your supply curve is Q=-62.5 + 0.625.p. a. Are these inverted or perverted curves? How can you tell? If not already in inverse form, provide the inverted formulas. b. Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium. c. What is the elasticity of demand for POTC at equilibrium? The elasticity of supply (uses the same formula as for elasticity of demand, but use the slope of the supply curve)? At this point, if you increased the price slightly, would total revenue increase or decrease? Explain.
Japan has traditionally had an employment system characterized by a "lifetime" employment relationship between employer and employee and salaries that are based on length of service with the employer-starting low
Assume an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP?
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
Consider a firm that has just built a plant, which cost $20,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below:
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Media Corp. has determined that its customer base is divided into two groups: sports fans and news junkies. There are one million sports fans and one million news junkies.
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Find out an article which is related to health economics from health journal. Some possible sources include Health Affairs
How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.
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