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Assume a perfectly competitive industry. Given the demand curve QD= 30 -2P(or P = 15-(1/2)QD) and the market supply curve QS= P find producer and consumer surplus. Consider the following three situations
a) If there is a price ceiling set $2 below the equilibrium price find producer and consumer surplus as well as the deadweight loss, if any.
b) If there is a market quota at 4 units below the equilibrium quantity find producer and consumer surplus as well as the deadweight loss, if any.
c) If a tax of $3 per unit is imposed on firms how is the burden of the tax shared between consumers and firms?
There is some evidence that during the 4th century in the Roman empire, public officials were paid in kind or “in equivalent prices”, instead of coins. What can be inferred from this?
If sales fall by 20 percent from 1 million papers per month to 800,000 papers per month, what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these cost.
Roma was a schoolteacher and earned $40,000. But she enjoys creating cartoons, so at the beginning of 2003, Roma quit teaching.
Jack wishes to become a millionaire by the time when he is 60 years old. He believes that by careful investment he can obtain 15% rate of return. He plans to add a uniform sum of money to his investment each program each year, beginning on his 20th b..
Distinguish between comparative advantage and competitive advantage (may take some research on your part). Which is used by economists as a justification for international trade? Why?
In the early stage of her administration, Fed Chair Janet Yellen focused on maintaining a monetary policy of low interest rates to continue the Fed’s efforts to stimulate the economy. However, the article assigned indicates she faces some longer-term..
Don Garlits is a landscaper. He is considering the purchase of a new commerical lawn mower, either the Atlas or the Zippy. Construct a choice table for interest rates from 0% to 100%.
Scott Jensen owned two hundred acres of farmland in California. A creek flowed through the land, and Jensen used water from the creek to irrigate his crops. The water was adequate for his needs. apply stare decisis and divide the water rights because..
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908 and how does the taxation change if the income was $220,874?
Do injured parties acting ethically when y promise to keep quiet know Illustrate what can happen to hundreds of unsuspecting consumers.
Examine the table Turkeys. Trader Tom is a monopolist that sells fried turkeys for Thanks giving dinner for a constant marginal and average cost of $10 per turkey. Assume that Tom has no fixed cost. Tom has 6 potential customers, each of which will b..
1. discuss the pros and cons of central banks setting policy based on rules as opposed to setting policy based upon the
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