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Question: Suppose that there are 100 consumers in the economy with identical preferences over good x and y described by the following utility function: U(x, y) = x ^(4/5) y^(1/5). Each consumer has an income of 500. The cost of production x2 of good x is described by the following cost function C(x) = 400 +800.
Find the long run equilibrium price and quantity. How many firms would operate on the market in the long run?
Suppose now that the government decides to impose 10% income tax on the consumer in order to raise revenue. Find the short run effect of this policy on the equilibrium price and quantity.
What will be the equilibrium price and quantity in the long run after this policy is implemented. How many firms will operate on the market?
Elasticity’s are one measure firms need to understand. Explain what an elasticity is and what it measures. What importance do you feel it is for firms to understand the elasticity of their products they are selling?
You are playing a game with a friend. It's move but you don't have a dominant strategy. Explain how using backward induction will now determine your next move.
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
If the elasticity of crime with respect to the number of police is estimated to be -0.5 and the number of police fell by 5% and, over that same time period, homicide rates increased by 20% then
You are the manager of a small farm. Your yearly revenue is $300,000. You work in your farm. You could work somewhere else for $50,000 a year.
The Kennedy-Johnson tax cut reduced personal income tax rates by 20% during 1964 and 1965; the personal saving rate was virtually unchanged from 1963.4 to 1965.
Which of the following conditions would be least likely to lead to a monopolistic market structure?
You work for an investment banking firm and have been asked. Determine what discount rate (WACC) Vector should use to evaluate the warehousing facility project.
Suppose you have been asked to make a report for a group of new stock brokers about NYSE-Euronext and the NASDAQ.
Explain the impact of railroads on economic development. Explain the impact of steamboats on economic development. Explain the impact of telegraphs on economic development.
Explain the following statement: Any deviation from planned output or planned expenditures (Consumption + Investment) will throw the economy into disequilibrium.
In the cost-benefit analysis, the maximum net benefit (NB) occurs in which
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