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Assume that the supply of a best-selling book at local book stores throughout the United States is a function price such that:
Q5=-5+5P (Supply)
Where Q is the number of books sold (in thousands) and P is the book price. Given tha availability of this book on amazon.com for $20, demand is perfectly elastic at a price of $20.
Derive the book supply curve where price is expressed as a function of output. Calculate the equilibrium level of output and local bookstore sales revenue.
When and why were the inflation and unemployment rates negatively correlated? When and why were the inflation and unemployment rates positively correlated?
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Construct a table showing the marginal failure reduction (in units) and the dollar value of these reductions for each inspector hired.
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
Suppose that all other banks hold only the required amount of reserves. If Nan Bank Inc. decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase?
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
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