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The demand schedule (or demand function or curve) for a good shows the total quantities (Q) that buyers are willing and able to buy at various prices (P) in some period of time. For example, here is a demand function illustrating the very special but convenient case of linear demand (withQ measured in some physical unit of quantity such as tons and P measured in dollars):Q = 2100 - 50PSometimes it is convenient to express this in the inverse form showing the prices that buyers are willing to pay for various quantities. (P is a function of Q.) This is called the demand-price function.
a. State the demand-price function corresponding to the above demand function.
b. Plot the corresponding demand curve on graph paper - with Q on the horizontal axis and P on the vertical axis. Label this demand D1.I. The Case of Fixed SupplyA supply schedule (or function or curve) defined analogously shows the total quantities (Q) that sellers are willing to sell at various prices (P) in a given period of time. One very special case is that of a fixed supply, where the quantity supplied is a constant, independent of price, such asQ = 1200 (This type of supply may apply, for example, in the short period of time when a given quantity of a perishable commodity is brought to market and must be sold at any price or go to waste; or, in a slightly different meaning of supply, again in the short run, it may apply to a service such a= /ousing, or even in the long run to the services of a permanent resource such as land.)
The Conference Board publishes an index of Consumer Confidence that is good measure of the non price determinant of demand, customer expectations.
In recent years, consumption spending by households has accounted for about 70% of the total spending (aggregate demand) in the U.S. economy.
Assume that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed following levels of production corresponding to different numbers of workers:
The economy is operating below its potential output, what kind of gap exists. Determine what kinds of fiscal or monetary policies might you use to close the gap.
There are 10 identical firms that have the common cost function c(y) = y 2 + 9. The industry demand function is given by X (P) = 200/
You have just won a lottery! You will receive $50,000 a year beginning one year from now for twenty years. If your required rate of return is 10 percent,
If deficit spending -crowds out some private investment, could future generations become worse off? If external financing eliminates crowding out, are future generations thereby protected?
The textbook claims that when people do not have to pay anything to use valuable resources, such as urban roadway space, they will continue using them until their value diminishes to zero.
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Show that, with a linear demand curve, the imposition of a per-unit tax on a monopoly will cause price to rise by less than the tax. Would this be true for a constant elasticity demand curve?
Discuss the appropriate monetary policy that the central bank should be operating, given the above situation.
Use the production possibilities frontier (PPF) to demonstrate economic growth.(Growth and the PPP)
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