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Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10Pb + 3Y, where Qd is the quantity of bread demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in thousands of dollars. Assume also that the equation for supply of bread is Qs = 30 + 20Pb - 30 Pf, where Qs is the quantity supplied and Pf is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd = Qs. a. If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb. substitute all exogenous variables into the equations and set Qd = Qs to find equilibrium Pb first and then subsitute back equilibrium Pb to the equations fo find equilibrium Q.
b. If the average income in the town increases to 15, solve for the new equilibrium Q and Pb.
Production procedures elucidate the law of increasing opportunity costs.
The FED has three ways to expand or contract money and credit. The first way would be for the FED to buy existing U.S. Treasury securities. They do this by using the equivalent of newly issued currency. What this does is it helps to expand the res..
Auger busy in a promotional campaign costing $60 million this year, its annual after-tax cash flow over the next five years will be.
Starting salaries of economics majors have a mean of $47,000/year with a standard deviation of $8,000. What is the probability that a random sample of 100 majors will have an average salary of more than $50,000 year?
One of the limiting resources in our economy is time. As a society, we make selection about allocation of time in work and other pursuits.
Assume that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish.
All workers are equally productive also workers vary in their preferences. Compute a worker who values his wage and the risk level according to the following utility functions
UBS does not respond to its competition explain how much of its sales is it going to lose.
B and R, a reputable East Coast Bank, has developed a portfolio of assets that is selling quite well on the market. This particular portfolio is a series of call options.
What is the expenditure multiplier-explain this briefly? What does it multiply? When an economy is in equilibrium what the size of unplanned inventories is?
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
Would an attempt to decrease the budget deficit not increase it. Does today's deficit not create tomorrow's surplus.
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