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Suppose demand and supply are given by:
Qdx = 14 - 0.5 Px and Qsx = .25 Px - 1
a) Determine the equilibrium price and quantitiy.
b) Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
c) How much tax revenue does the government earn with the $12 tax?
Calculate the official unemployment rate (called “U-3”). Calculate the unemployment rate by including discouraged workers as unemployed and in the labor force (this is called “U-6”). Which unemployment rate is larger?
Explain what are the repercussions in economic, what forces impact the international logistics industry. Other economic variables include, interest rates, inflation rates, GDP, consumer price index. Focus on what is of interest to the industry.
You want to collect $45,000 per year (real purchasing power) in retirement. You plan to live 20 years in retirement, expect inflation to be 3% and investments
Investors commonly use the standard deviation of the monthly percentage return for a mutual fund as a measure of the risk for the fund; in such cases, a fund that has a larger standard deviation is considered more risky than a fund with a lower stand..
Explain how a large shock to a demand curve in a competitive market in the current period may result in very little change in prices necessary
It is true that consumer behavior changes with the change of their purchasing power (income). People, in general, will demand and consume higher quality.
Kelli likes to bake cookies and doesn't care whether she uses corn or safflower oil in her recipes. To her, they provide the same function and the same taste in her cakes and cookies. What do Kelli's indifference curves look like for corn oil and saf..
The Electrotech Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. There are 260 hours of wiring time and 140 hours of testing t..
Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
Explain what is meant by price floors and price ceilings. What are the consequences of a) a price floor that is higher than the market equilibrium price; b) a price ceiling that is lower than the market equilibrium price. Demonstrate your answers gra..
Debbie McAdams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan base on 1 year (a) what was the amount of interest paid by Debbie?
Supply is given by the equation P=10+0.05Q. Demand is given by the equation P=600-0.05Q. Calculate the price and quantity at which the price elasticity of demand is equal to -1. How might you describe that point?
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