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You can either take a bus or drive your car to work. A bus pass costs $5 per week, whereas driving your car to work costs $60 weekly. You spend half an hour less on a one-way trip in your car than on a bus. How would you prefer to travel to work if your wage rate is $10 per hour? Will you change your preferred mode of transportation if your wage rate rises to $20 per hour? Assume you work five days a week and time spent riding on a bus or driving a car does not directly enter your utility.
Using the rule that the area of a triangle equals one half times the base times the height, calculate the consumer surplus and the producer surplus and the total (social) surplus. Does this outcome attain allocative efficiency.
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $56 and the price at point e is $31 per bag. The price at point f is $67 and the price at point g is $32 per bag.
The weight of wrestlers is normally distributed with a mean of 205 pounds and a standard deviation of 20 pounds. What is the probability that a particular wrestler will weigh less than 210 pounds
Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
You are division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximizes revenues from sales of the Highlander
A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.
How do the government bureaus different from private companies discuss why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
If the local government can enforce a rent-control law that sets the maximum monthly rent at $1500, will there be a surplus or a shortage? Of how many units And how many units will actually be rented each month
Find the optimal monopoly price, the elasticity of demand at the optimal price, and the output distortion with respect to the perfectly competitive levels for the following cost and demand functions: a. Q(p)= a-p andC(Q)=cQ
What is the firm's individual supply curve Suppose that the price of typewriters is p = $20. How many typewriters should the firm produce to maximize profit What is the firm's profit at this price For what price does the firm make positive profit
If U(x,y)=2x^1/2 +y and Px=2, Py=6 and M=100, what is the optimal choice If the price of good x fell to $1, what is the new optimal choice Explain what happens to the optimal choice as income increases. What is fundamentally different about the op..
Quantity.Price .Total Revenue. Marginal Revenue 0 55 10 50 20 45 30 40 40 35 50 30 Please find TR and MR
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