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Walt consumes strawberries and cream but only in the fixed ratio of three boxes of strawberries to two cartons of cream. At any other ratio, the excess goods are totally useless to him. The cost of a box of strawberries is $10 and the cost of a carton of cream is $10. Walt's income is $200.
The market demand for a good is Q=20-P. The monopoly supplier of the good has a cost function C=Q2. If the monopolist were to charge the same price for all goods, how much would it charge? How much would it supply? How much profit would it earn? How ..
The demand curve and supply curve for one-year discount bonds with a face value of $1,000 are represented by the following equations: Bd : Price = -0.6 Quantity + 1140 Bs : Price = Quantity + 700 Suppose that, as a result of monetary policy actions, ..
If the Federal Reserve is following a restrictive monetary policy by lowering the money supply in the economy, what will be its effect on the equilibrium outcome in the economy? Explain using AS-AD analysis.
Under what circumstances, if any, would you advocate restricting the freedom of the press, and to what degree would you restrict it? Substantiate your answer with logical arguments and/or evidence.
Consider an industry in which n firms produce a homogeneous product. Demand for the product is given by p = a − Q, where a is a positive constant and Q is the industry output. Each producer is identical, having a constant marginal cost c. Find the eq..
Consider the following goods and services. Which are the most likely to be produced in a perfectly competitive industry? Which are not? Explain why you made the choices you did, relating your answer to the assumptions of the model of perfect competit..
The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Complete the following table by indicating whether each of the statements is an example of a price ce..
Illustrate what price should the firm charge if it wants to maximize its profits in the short run. What arguments can be made for charging a price higher than this price.
Mac arranges financing for a load of contraband weapons he plans to sell to the rebels. The terms of the loan are as follows: The bank will provide Mac $76,000 today. Each year, for the next 15 years, Mac must pay the bank $12,400. Mac has a real dis..
Assume that in your first job after graduating from college you live in a city where the price of food is PF and the price of housing is PH. You consume F1 of food and H1 of housing per year. Using both your graph and a written explanation describe h..
. Abstracting out this income effect would leave the quantity of X unchanged. On the other hand, beyond the switch point, only Y is consumed and no changes in Px will have any income or substitution effect.
Suppose that between 2003 and 2007, one group of individuals (Group 1) received job training while another otherwise similar group (Group 2) did not. Suppose that the average earnings of the first group went from $40,000 per year to $55,000 per year,..
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