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Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.3 tax on each gallon of ice cream. What is the government revenue raised by the tax?
If Projects B and G are mutually exclusive, explain how would that affect your overall answers. That is, which projects would you accept in spending the $80,000.
q.assume the demand and supply for wine within the u.s. areqd 100 - 20p u.s. demand curveqs 20 20p u.s. supply
Suppose that the production function faced by a baseball footwear producer i given by Q=4K^0.5L^0.5, where MPk=2K^-0.5L^0.5 and MPl=2K^0.5L^-0.5. Do both labor and capital display diminishing marginal products? Does the production function display a ..
Determination about whether an individual is an Indian is made by:
How popular notion of business profit is is different from the economic profit concept? What role does the idea of normal profit play in this difference? "In the long run, profit maximizing firm will never knowingly market unsafe products. However, i..
A firm uses steel and aluminum to produce auto parts. The current input mix used by the firm is such that the marginal product of aluminum is equal to 800 units, while the marginal product of steel is equal to 500 units. Please explain in words what ..
When private property rights are established, the expected payoffs from investment will _________ and the amount of production will _________.
You are the oil minister of one of 5 key OPEC countries. The world demand for oil can be reduced to Q = 100 – p and therefore p = 100 – Q (where p is dollars and Q is in millions of barrels/day). You are considering cheating on the rest of the cartel..
What are the two types of information available to complete the budget? Describe the benefits and disadvantages of them and give an example of each.
Under which of the following circumstances is the principal-agent problem likely to be most serious. The government agency that controls the development and availability of new medical discoveries, including pharmaceutical drugs is
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
The selling price of a house is $1,375,000. You have enough money for a 15% down payment with the balance authorized at 4% annual compounded monthly for 30 years. How much will the monthly payments be? How much interest will be paid over the term of ..
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