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Suppose the market demand for a good consists of two consumers, 1 and 2, where their respective individual demands are given by: Di (p) = max[200 - 4p,0] and D2 (p) = max [100 - p, 0].
a) On one diagram graph the two demand curves as well as the resulting market demand curve. Label the intercepts appropriately.
b) Suppose supply is given by p - 40, that is, the supply is perfectly elastic. Find the amount purchased by each consumer. Illustrate your answer with a graph.
c) Now, suppose instead the supply is given by q =20. Find the equilibrium price. Illustrate your answer with a graph.
Assume that an iPad in the US is $500 while in Switzerland it costs 400 Swiss Francs. Suppose the nominal Swiss Franc/Dollar exchange rate is 1.1 Swiss Francs p
Explain how the introduction of new goods might bias the calculation of the consumer price index. Why is there a lag between the Fed’s actions and the economy’s response? Why is there a lag between the Fed’s actions and the economy’s response?
1. The following cubic equation is a long-run production function for a firm:
Which of the following is true of marginal cost?
Did Rockefeller raise or lower the price of oil for consumers? Did he increase or decrease access to oil? What impact did this change have on the living experience of consumers? In particular, were wealthy consumers or poor consumers impacted more?
The interest rate is 5% now and increases to 8% in the next year. What is the present value of the payments?
Between 1970 and 1976, average inflation rate of Country X was about 35 percent per year. With that rate of inflation, prices would double about every ________ using the rule of 70.
The monopoly producer of a single good has a constant unit cost c(ω(t)) at time t, where ω(t) is the firm’s “experience” at that date. (Assume c > 0, c 0.) Time is continuous and runs from zero to infinity. Experience accumulates with production:
Cattletown steakhouse is a restaurant known for its steak meal and hamburger basket. Draw a graph showing a production possibility frontier exhibiting increasing opportunity costs.
Describe what is meant by the Diagnostic-Related Groups. Please supply reference, no copy and paste and please no Plagiarism
By definition, the budget deficit equals the rate of change of the amount of debt outstanding: δ(t)=?(t). Define d(t) to be the ratio of debt to output: d(t)=D(t)Y(t). Assume that Y(t) grows at a constant rate g>0. Suppose that the deficit-to-output ..
Device A costs $100000 initially, whereas devise B costs $140000. Maintenenance will be $4500 for devise A and $2750 for devise B in the first year. These maintenance costs will increase 12% per year.
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