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A local golf course's hired-gun econometrician has determined that there are two types of golfers, frequent and infrequent. Frequent golfers' annual demand for rounds of golf is given by Q f = 24 - 0.3P, where P is the price of a round of golf. In contrast, infrequent golfers' annual demand for rounds of golf is given by Q i = 10 - 0.1P. The marginal and average total cost of providing a round of golf is $20.
Which plan will generate the greatest consumer surplus for frequent golfers, the individual-round plan or the discount plan? Illustrate your answer by showing. and measuring the areas of surplus on frequent golfers' inverse demand curves.
Draw a figure of supply and demand representing this market. Be sure to label the axes and intercepts. (Hint: Place P on the y-axis and Q on the x-axis.
Are the Britannica on paper and the Britannica on CD close substitutes? What about the Britannica on CD and the Encarta on CD?
Discuss how to close a recessionary gap. Discuss how to close an expansionary gap. What is the target and what happens if the policy "over-shoots?" What happens if a president tries to lower the unemployment to win the election? Did this ever happen?..
Compare price ceiling and price floor using demand and supply curves discussed in class.
In the loanable funds market, each dollar borrowed: Because businesses are the primary:
The long-run average change in real GDP is known as. Measuring the intensity of the business cycle requires. According to monetary theories of the business cycle, fluctuations are
Since 1996, the Federal Communications Commission (FCC) implemented “local number portability” rules allowing cellular phone consumers to switch cellular providers within the same geographic area and maintain the same phone number.
An end-of-aisle price promotions changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
This year's harvest is 10 million bushels. Calculate the price elasticity of demand at that point.
Market is defined by: Demand: Q=16-2P Supply:Q=4+2P. Given these equations, find the equalibrium in the market. Equalibrium Price? Equalibrium Quantity? Then find the shortage that exists when actual price is equal to P=2.
a. Is this country abundant in high-skilled or low-skilled labor? b. What will happen to the size of each industry in the medium and long run?
Suppose there are 10 firms in a perfectly competitive market, with each facing the following short-run total cost: TC = 16 + q2, where q is each individual firm
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