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Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.46 tax on each gallon of ice cream. The change in producer surplus due to the tax is: (Round to the nearest ten thousand and answer in millions. ex. 0.94 = 940,000)
Assume that the income elasticity of demand for tickets is +2.5. Also assume that the average household in the community makes $20,000 per year and that about 6000 tickets are sold per year. Now let the average household income go up to about $22,000..
Yet many financial decision-makers at some of the most prominent firms in the world continue to use less desirable measures such as the payback.
How are resources allocated in market and centrally planned economies?
Assume that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000.
A Big Mac costs $5 in the U.S. and 7 euros in Germany. If the exchange rate is 0.6 Euros per dollar, is the dollar undervalued or overvalued against the Euro? What would you expect to happen in the currency market? What objection do you have to using..
The table below shows the hypothetical prices and quantities demanded of a software product. Assume that the fixed cost of setting up the production of software is $200 and the marginal cost is $5.
According to the Central Limit Theorem
Find the monopolist's profit-maximizing output and price - calculate the monopolist's profit and what is the Lerner Index for this industry?
If Intel was manufacturing chips in the United States that were exported to China to be made into cell phones for the Chinese market, but now is building a chip manufacturing plant in China to provide chips to make cell phones in China for the Chines..
Why is there unemployment even when the economy is at "full employment"? What are some "costs of unemployment"? Is the CPI a biased measure of the inflation rate? Explain your answer.
Write one equation, with i as the only unknown, for the cash flow. In the equation you are not to use more than two single payment compound interest factors.
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
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