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When it is 105 degrees outside and you get thirsty, how much you willing to pay for a 16-ounce bottle of water. If the price is $1.50 per bottle, do you have a consumer surplus or is there a producer surplus or both?
Suppose that the demand curve for accountants isED=20-W. The supply curve isES=2+2W. a. Graph the demand and supply curves. What is the equilibrium wage and number of accountants hired b. Suppose California taxes accountants $2.
c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination d. What price-quantity combination maximizes revenue e. Calculate the maximum revenues. f. Is demand elastic, inelastic, or unit elastic at the reven..
Perry and his friend Doug attended the baseball game in 2004 where Duncan Jones hit 75 home runs, breaking the 2000 record of Mark McGuire. When Duncan hit his record-breaking home run, the ball went into the cheap seats
Kal Tech Engineering is investigating the possibility of acquiring new automated packaging equipment at a cost of $12,000. The equipment will have a salvage value of $1,000 at the end of its useful life of 10 years. It is determined by the plant e..
Suppose that the demand for broccoli is given by Demand Q= 1,000 - 5p where Q is quantity per year measured in hundreds of bushels and P is price in dollars per hundred bushels. The long run supply curve for broccoli is given by Supply: Q= 4P - 80
Assume that product A requireds .5 hour per unit and B requires .25 hour per unit. If both products must go through the same manufacturing machine and there are only 30000 machine hours available per period, which product should be pushed
Sally earns $3,000 per month on two goods, A and B, whose prices are $30 and $60 respectively. She is currently spending half her income on each good and maximizing her utility. How much of each good is she consuming
Calculate the slope of the AE curve and the size of the multiplier if MPS = 0.20. Then, calculate the revised slope of the AE curve and the multiplier when you know that the imports and the marginal tax rate will reduce the slope of the AE curve b..
suppose two types of consumers exist, a more affluent group (1) with an estimated price elasticity for biscuits of -2 and a less affluent (2) with an estimated price elasticity for biscuits of -2.5. Pillsbury puts a posted price of a particular am..
| 2009 | 2010 | Quantity of money | $400 | $408 | Velocity of money | 20 | 20 | Price level | $10.00 | $10.20 | Quantity of output | 800 | 800 | In 2009, the nominal GDP was $8,000, where as in 2010, nominal GDP is $8,160.
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually. Determine the amount in the fund immediately after the 5th deposit
A firm operating a chain of drug stores consider to open a new store in one of locations. The management of firm figures that at the 1st location the store will show an yearly profit of $20,000 if it is successful and an yearly loss of $2,000 if it i..
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