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Consumer Compensation. Consider the story of Coca-Cola and the scoreboard in the chapter. Your job is to fully compensate each student for the cost associated with the soft-drink monopoly. Suppose CocaCola increased the price of soft drinks by $0.20 per can and each student consumed 10 soft drinks before the monopoly was granted.
a. Kate continues to buy 10 soft drinks at the higher price. What is the appropriate compensation for her?
b. Elise buys only 4 soft drinks at the higher price. Her demand curve is linear. What is her appropriate compensation? Draw a graph that shows her change in consumer surplus.
Approximately how much of the budget in Belgium is devoted to interest payments on its debt? If Belgium could wipe out its debt overnight, what would happen to its current budget deficit?
Suppose that households are concerned about the future and cut back on their marginal propensity to consume from 0.80 to 0.667. Try this experiment for the Ms Target case and the Interest Target Case. What happens to the multiplier
quantity of Chrysler Crossfires sold annually, PC is the price of a Chrysler Crossfire, M is average household income, PBMW is the price of BMW's 330i sports sedan, and PP is the price of Porsche's Boxster S sports car. The marketing team at Chrys..
Suppose that the stock market crashes and, as a result, people in Gotham City are poorer. This reduces the quantity of taxi rides demanded by 6 million rides per year at any given price. What effect will the mayor's new policy have now
Arrange the following people as sources of information from most reliable to least reliable and explain your reasoning:
cool-aire corporation manufacturers a line of room air conditioners. Its break even sales level is 33,000 units. Sales are approximately normally distributed. Expected sales next year are 40,000 units with a standard deviation of 4,000 units
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H-4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
How does an expansionary monetary policy work? (Describe the steps through which an increase in money supply affects the real GDP). How does fiscal policy work? (Describe the steps through which an increase in G or TR, or a decrease in TX, affects..
Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decrease in McGwire's average(home runs per season) product.
An entrepreneurial mechanical engineer started a tires hredding business to take advantage of of a Texas state law thatoutlaws the disposal of whole tires in sanitary landfills. The cost of the shredder was $220,000.
Write down the modified version of the "divide the dollar" game in which player 2 can make a counteroffer if she does not accept player l's offer. After player 2 makes her counterofferif she doesplayer 1 can accept or reject the counteroffer. As b..
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