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1. The reproduction function for a certain North American species of duck is estimated to be f(p) = −.02p^2 + 7p, where p and f (p are measured in thousands. Find the size of the population that allows the maximum sustainable yield, and also find the size of the yield.
2. Economists have found that if cigarettes are taxed at a rate t, then the cigarette sales will be S(t) = (64−51.26t)/ (1 +t) (billions of dollars annually, before taxes). Remembering that tax revenue is tax rate times sales, find the tax rate that maximizes government revenue on cigarette sales.
Describe how the circular-flow diagram works. Name the parts of the diagram that correspond to the flow of goods and services if you were to pay $50 for a new pair of shoes at a local shop. Name the parts of the circular-flow diagram that correspond ..
Find the equivalent equal payment series (A) using an A/G factor such that the two cash flows are equivalent at 10% compounded annually. First cash flow: Start at -$50 at year zero and goes up every year in increments of $50 so at year five its at $2..
if possible, your most preferred to least preferred type of shock: positive demand shock, negative demand shock, positive supply shock, negative supply shock. Explain how would you rank them and why.
Illustrate what role does comparative advantage play in trade among member nations
Roughly speaking, a merger between two firms is legal:
A monopolist sells to two groups of people and practices price discrimination by charging separate prices for each group; students and non-students. This monopolist produces at constant marginal cost MC = 10. What is the price for each group if he ca..
The market demand for a product is given by: Q= 300 - 5P + Y. Where why is average consumer income? The current level of income is 200. What is the price elasticity of demand if the price of the good is $20.00?
What do you think the sign and magnitude of the Cross-Price Elasticity of Demand would be between premium juices and soda.
Critical Thinking: Human beings are odd creatures. We can predict the negative consequences of certain actions, and yet, we proceed with those actions. If people were logical and thought long term, no one would eat more doughnuts than fruit, no one w..
How will globalization impact our economy in both short run and the long run? State your arguments "for" and "against" globalization and finally summarize your view on globalization.
Assume an open, mixed economy (C + I + G + X = real GDP) and an MPS of .2 What is the multiplier? The result will be a $200B decline in real GDP. Was this policy of increasing government spending and taxes by the same amount expansionary, contraction..
Cole has $27 that he plans to spend purchasing 5 units of good X (priced at $3 per unit) and 6 units of good Y (priced at $2 per unit). The marginal utility of the fifth unit of X is 30, and the marginal utility of the sixth unit of Y is 30.
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