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Consider the market for van Gogh paintings and assume no forgeries are possible.
a. Is the supply of van Gogh paintings somewhat elastic, somewhat inelastic, perfectly elastic, or perfectly inelastic? Why?
b. Draw the supply curve for van Gogh paintings.
c. Suppose there are only 10 van Gogh paintings in the world, and the demand curve is Q = 50 - 0.5P. What is the equilibrium price?
d. A tragic fire destroys five of the paintings. What is the new equilibrium price?
(a) Give a qualitative sketch of the graph of the polynomial whose equation is f(x) = x(x - 2)2 (x + 3)3 (2x + 5) (b) estimate where the turning points are on the graph.
What is the impact of foreign economic aid from rich countries? Should developing countries continue to seek such aid, and if so, under what conditions and for what purposes? Should developed countries continue to offer such aid, and if so, under ..
Suppose that the marginal product of the last worker employed by the Delicious Ice Cream Company is 300 units of output per day and the daily wage that the firm must pay is $50, while the marginal product of the last ice cream machine
However, because the saw is a mechanical device, not all the boards are 120 inches long. In fact, the distribution of lengths has a various of 0.64. The saw operator took a sample of 36 boards. What is the probability the average length of the sam..
Distinguish between "real-balances effect" and "wealth effect," as the terms are used in this chapter. How does each relate to the aggregate demand curve?
The cost associated with maintaining rural highways follows a predictable pattern. There are usually no costs for the first three years, but maintenance is required for restriping, weed control, light replacement, shoulder repairs, etc. For one se..
Work with two other class members in a virtual environment on this exercise. Write a short paper or presentation that summarizes your analysis and opinions of how working virtually helped or hindered your results.
The group recently spent $100,000 to plant the gardens. The members want to set up a perpetual fund to provide $100,000 for future replantings of the gardens every 10 years. If interest is 5%, how much money would be needed to forever pay the cost..
In the neoclassical growth model with physical and human capital investments described above, the optimal path of physical capital and consumption are given as in the one-sector neoclassical growth model and satisfy the following two differential ..
Draw a graph for a competitive market with a relatively elastic demand curve and inelastic supply curve.
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of..
FULL KARMA FOR COMPLETE RESPONSES. In an infinitely repeated game between two firms, suppose that each earns a payoff of 20 if they collude on price and 20 if they compete on price. If one firm sets the collusive price and the other "cheats", the ..
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