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Determine the amount of consumer surplus generated in each of the following situations. a. Leon goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. When he is paying for it, he learns that the T-shirt has been discounted by 50%. b. Alberto goes to the CD store hoping to find a used copy of Nirvana’s Greatest Hits for up to $10. The store has one selling for $10, which he purchases. c. After soccer practice, Stacey is willing to pay $2 for a bottle of mineral water. The 7- Eleven sells mineral water for $2.25 per bottle, so she declines to purchase it.
Malthusians and Neo-Malthusians believe that, eventually, the population of the earth will be exceeding the number of people able to be sustained by the earth's food production. As such, they advocated different forms of population control. If Malthu..
What is economics and what are the basic economic questions? 'Market society answers these questions using price signals and free interaction in the market.' What are the social outcomes which market economy claims to provide? (briefly explain each o..
Admiralty law the law that deals with controversies arising on navigable waters used a rough-and-ready method of dealing with the problem of the administrative costs of comparative negligence. Rather than try to fine-tune the degrees of culpability b..
What are the various causes/types of unemployment? What does it mean to be unemployed, i.e. what are the social, economic and political effects of unemployment? Should the government’s number one goal be low unemployment and how do unemployment and i..
Illustrate what is strategic portfolio management. What is the relationship between strategic portfolio management and project management.
You were told that a certain cash flow sequence started at $3000 in year 1 and increased by $2000 each year. How many years were required for the equivalent amount worth of sequence to be $12000 at an interest rate of 10% per year? You were told that..
Consider an economy in a steady state with population growth rate n, a rate of capital depreciation Delta, and a rate of technological progress g(growth rate of y* in steady state). At the steady state change in k tilda = 0, where k tilda equals capi..
Suppose you are given a money supply model where r = 0.1, e = 0.2, and c = 0.4. What is the money multiplier? What change in the money supply will result from an open market sale of $400,000?
Determine whether the following transactions involve spot exchange, contracts, or vertical integration. Explain.
q.tax cut under fixed as well as flexible exchange rates1 what is the impact of a tax cut in an economy operating under
An engineer must choose between two materials for an underground storage tank. A steel tank costs $227,000 and is expected to last 15 years. A fiberglass tank costs $276,000 and is expected to last 30 years. Neither tank has a salvage value at the en..
Prove that every weighted average of three numbers x1
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