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John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How much consumer surplus is created by this trade? Who "won" in this trade?
Describe the difference in economic profit between a competitive and a monopolistic in both the short and long run. Which should take longer to reach the long-run equilibrium?
What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes? 4. Does GDP measure the well-being of society? Why or why not? 5. What was GDP in 2008 (sometimes called GSP) ..
A product that sells today for $100 per unit is expected to escalate in price by 6% in year one, 8% in year two and 10% in year three. Calculate the escalated dollar year three product selling price. If inflation is expected to be 5% in year one, 9% ..
Would the employee be better or if, instead of the health insurance, she was given a £100 per week pay increase which would be taxed at 20%.
Wong subscribes to the 6M plan and uses 150 hours a month. Suppose that Wong's demand curve is a straight line such that if the price of access were HK$20 per hour or higher, she would buy nothing. Draw her demand curve, and calculate her buyer surpl..
Illustrate what management-financial considerations would required to be considered. Elucidate why the firm's short run production has only one ‘rational' stage of production.
Provide examples of different tools businesses use to identify the elasticity of their different customers. Also elucidate how the financial aid department determines student elasticity.
Illustrate what happens to total income from shoe sales (Estimate P x Q before and after cost change). Repeat exercise for initial costs being decreased to $40 and $20, respectively.
What is the probability that a test comes back positive-indicating oil - what is the probability that there is oil in teh ground, if the test comes back positive - Global Energy Outlook
Describe perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.
Different products have different elasticities. Heart medication, for example, is inelastic, and corn is elastic.
Why people demand for money? What are the two types of demand for money? What is equilibrium interest rate? Why supply of money is vertical?
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