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Assume the supply curve for DVDs is P=2Q and demand is P=42-Q. Suppose state government levies a tax of $9 on each DVD sold, collected from the seller. What quantity of DVDs will be sold in equilibrium and what price do buyers pay? How much do the buyers now spend in total and how much money goes to the government?
Second, notice that if z=x/y , then z = x * (1/y). Hence, using the formula mentioned above, g(z)=g(x)+g(1/y). So all you need is find a clever way to calculate the growth rate of the variable 1/y, namely g(1/y).
The market for semiskilled labor can be represented by the following supply and demand curves: ED = 32000 - 4000w and ES = -8000 + 6000w where E = millions of person hours per year and w = the wage in dollars per hour.
A recent insurance industry report claimed that 40 percent of those persons involved in minor traffic accidents this year have been involved in at least one other traffic accident in the last five years. An advisory group decided to investigate th..
Consider an economy with population growth at rate n = :03, technological growth at rate g = :02, depreciation at rate = :05, and a savings rate of s = :30. The economy is at steady state. (a) What is the rate of growth of aggregate income Y in this..
Suppose banks are required by law to hold 5% of their deposits in reserves and total deposits are $100 million, but banks choose to hold a total of 20% of their deposits in reserves because loans are riskier and potentially unprofitable. Calculate..
Beerco manufactures ale and beer from corn, hops, and malt. Currently, 40 lb of corn, 30 lb of hops, and 40 lb of malt are available. A barrel of ale sells for $40 and requires 1 lb of corn, 1 lb of hops, and 2 lb of malt. A barrel of beer sells f..
Are you thinking bypassing a gasoline fueled car in favor of a hybrid (gasoline and electric) automobile Let's take a look at the relative economics of your possible choice. The gasolinefueled car sells for $20,000 and gets 25 miles per gallon (mp..
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every uinit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optim..
Let MUA = z = 10 ? x and MUB = z = 21 2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B-that is, x + y = 1..
A town has a bakery that sells bread and a cheese shop. It costs $1 to make a loaf of bread and $2 to make a pound of cheese. If the bakery's price for a loaf of bread is p1 and the cheese shop's price for a pound of cheese is p2
The inverse market demand in a homogeneous product cournot duopoly is P=280-2Q=280-2(q1+q2) and costs are C1(q1) = 20q1 and C2(q2) = 30q2. a. How much output will each firm produce in equilibrium b. What are the equilibrium market shares for these t..
A local widgets firm hires you to analyze their cost structure. The firm's industry is nearly perfectly competitive in all requisite characteristics. The company has given you the short run cost functions from existing data: TC=800 +60Q-4.5Q^2+.15Q..
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