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How do we draw a supply and demand curve for a limited (inelastic) supply of a free service, where the demand has doubled in ten years? I know the supply is vertical, but not sure how to display the demand where the price is always zero?
What is fiscal policy? If there were a recession, how could fiscal policy be utilized in an attempt to recreate full employment? What would be appropriate fiscal policy if there were inflation?
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0 4q Marginal extraction cost = $2, r = 10%. The available supply is 20 units Suppose 12 units are consumed in period 1 and 8 units in period 2 Calculate the present valu..
Compare and contrast the impact of a faster population growth on the standard of living (measured as output per worker) in the models of Solow, Malthus, and Kremer.
If a price is above equilibrium,
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from one mil..
The average cost of production _______ if there are scale economies, and ________ if there are scale diseconomies.
Describe what effect this change will have on Annette's ability to make purchases in France and explain why.
Distinguish between the resources market and the product market in the circular flow model.
The president of the United States receives an annual salary of $400,000. Derek Jeter, shortstop for the New York Yankees, receives an annual salary of $23.2 million. If the president of the United States actually contributes more to society than Der..
Also, in deciding whether to drive from New York to Pittsburgh(about 1,000 miles round trip) to visit a friend, which costs would you consider and why?
The two-pump solution has slightly higher maintenance costs, but it is more flexible and reliable. What criteria should you use?
A business is generating $1000 a month for the next 5 years at a nominal interest rate of 12% compounded monthly. How much cash should one pay for it?
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