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because of the general price inflation in our economy, the purchasing power of the dollar shrinks with the passage of time. If the average general inflation rate is expected to be 7% per year for the foreseeable future, how many years will it take for the dollar's purchasing power to be one half of what is it now?
Each member of the family has the opportunity to migrate to the nearest city where there are two different types of jobs. Informal jobs are available to everybody and pay $200. Formal sector jobs are more difficult to get and pay $800. The probabi..
Helen just bought a house for $250,000. Earthquake insurance, which would pay $250,000 in the event of a major earthquake, is available for $25,000. Helen estimates that the probability of a major earthquake in the coming year is 10 percent, and t..
A monopoly is considering selling several units of a homogeneous product as a single packge. A typical consumer's demand for the product is Qd= 110-0.5P, and the marginal cost of product is 140. A. Determine the optimal number of units ot put in a..
Suppose the economy is in a short-run equilibrium where Y
Determine the reaction function for each firm. Firm 1: Q1 = - Q2, Firm 2: Q2 = - Q1 b. Calculate each firm's equilibrium output. c. Calculate the equilibrium market price. d. Calculate the profit each firm earns in equilibrium.
the percentage undervaluation or overvaluation in the Big Mac, based on exchange rates in July 2009. Suppose purchasing power parity holds and in the long run, so that these deviations would be expected to disappear. Suppose the local currency pri..
The utility estimates that by switching to gas, it will save $22,000 per year, starting 3 years from now. At an interest rate of 8% per year, determine the present worth in year 0 of the projected savings that will occur in years 3 to 10.
Your firm designs training materials for computer training classes, and you have just received a request to bid on a contract to produce a complete set of training manuals for an 8-session class. From previous experience, you know that your firm f..
the origin and do not intersect the axes. The price of sushi is $10 and the price of soy milk is $2. She is spending all her income at the basket she is currently consuming, and her marginal rate of substitution of sushi for soy milk is 4. Is she ..
Assume that the firm's marginal cost is given by MC = 0.2q + 3. What is the level of output q that maximizes profit? b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit. c) Graph these results and label firm's s..
Suppose that in a duopoly firms have constant marginal cost MC = 10 per unit. Firm 1 faces demand function q1 = 100 - 2p1 + p2, while firm 2 faces demand function q2 = 100 - 2p2 + p1. What is the Nash equilibrium of this game. What is the Nash equ..
Explain the term demerit goods and give examples of this and what are externalities? What are positive and negative externalities?
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