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In a perfectly competitive market for electricity, suppose the total cost (in dollars) of generating electricity is given by C(Q)= Q2+100Q, where Q is the unit of electricity produced.
Derive the supply of electricity in this market.
Graph the elasticity of supply electricity, as a function of the electricity price that ranges from $200 to $400. Graph this
(Suppose that the price of electricity changes from $200 to $300, by how much does the producer surplus change?
Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. Graph the production possibilities frontier for the Foreign country. What is the no-trade relative price of cars in Foreign?
Is the apple pie market perfectly competitive? Why or why not? b. With this data, draw a graph of the linear demand curve for Granny's apple pies. c. Find the price elasticity of demand at each of of the three prices.
Set up a Ricardo-type comparative advantage numerical example with two countries and two goods. Distinguish “absolute advantage” from “comparative advantage” in the context of your example. Then select an international terms-or-trade ratio and explai..
Industries in the US also Europe can produce only two goods, cars also wheat. For given resources also technological how. Industries in the US can produce 1000 tons of wheat if no cars are produced.
Economists oppose limiting economic growth possibilities because such limits would inevitably involve
Refer to the graph above representing the purely competitive market for a product. When the market is at equilibrium, the total opportunity cost of producing the equilibrium output level would be represented by the area:
How do managed floating exchange rates operate Why were they adopted by the industrialized nations in 1973 Has the abandonment of the Bretton Woods system of adjustable pegged exchange rates been beneficial or detrimental to global financial stabi..
Fiscal policy is most effective in a fixed-rate system when capital is perfectly mobile because there is no domestic “crowding out.” Explain what is meant by the term “crowding out,” and then critically evaluate the previous statement using the IS/LM..
The machine will be operating 2,500 hours per year with annual maintenance and operating costs of $6,000. Using an interest rate of 15%, what will the hourly cost be to run this machine?
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”?
Assume that the supply of soda is more elastic than the demand for soda. Using a supply and demand diagram and a "tax wedge," show whether the buyers or the sellers will bear the bigger burden of a soda tax.
What would be drain on U.S. GDP (as a percentage) from paying interest on net foreign debt. What if net foreign debt were 100 percent of GDP? Size of its foreign debt.
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