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The demand curve for product x is given by Qx^d=460-4Px
a.)Find the inverse demand curve.b.)How much consumer surplus do consumers receive when Px=$35?c.)How much consumer surplus do consumers receive when Px=$25?d.)In general, to the level of consumer surplus as the price as the price of a good falls?
The government is considering undertaking one of the four projects A1, A2, A3, A4. These projects are mutually exclusive, and the estimated present values of their costs and of their benefits are shown in millions of dollars as follows.
The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
A project proposal for a new product will require a buildup of $50,000 of inventory in year 0 before sales are started. Associated with this, accounts payable will also increase by $20,000 in year 0.
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits?
Explain why inflation is a main concern for an economy, and examine how well inflation in Australia has been managed by the monetary authority.
Assume a company has the following demand equation, Q = 1,000 - 3,000P + 10A, where Q = quantity demanded, P = product value, and A = advertising expenditures
In the summer of 1997, Congress and president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997,
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
How does your analysis of VMP change if the employer is a monopolist producer of its output but a price-taker in the labor market?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia and what is Thorpe's marginal cost of GPA? Show and explain how his MC curve is derived.
Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
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