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In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline.
How do I calculate consumer and producer surplus from this info? I know its 1/2 x (price-optimal price) x quanitiy for consumer and 1/2 x price x quantity but I dont know which numbers I should put where. Also, how should I calc elasticity of demand, should I use the 33% price increase or should I use the price change from 3-4? Please give as much detail as possible.
Why do you think the FED evaluates the money multiplier when making decisions with regards to the money supply
In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 1..
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. What would be you..
The biggest difference between Microsoft and software retailers is the market structure in which they operate.
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Privatization in transition economies is often justified on the grounds of increasing. The text defines an economic system as. Which of the following legal forms of business organization provides for limited liability?
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns Power Company has a monopoly for providing electricity in Springfield. What happens to the market when Mr. Burns raises the price he cha..
Angola economists are working on the country's figues. Find the (a) GDP deflator (b) Nominal GDP (c) Real GDP (d) what is the growth for Angolan GDP for 2013? If the 2013 price is $10, quantities = 50 million; While the year 2000, which is the base y..
Shadow Bank 411 buys $3 million more securities in the market and "pays" for them with its account at Bank 411. Bank 411 borrows $3 million more as a first response.
Compute the minimum rate of interest, and, therefore, the risk premium, at which you would lend $1000 on the informal market. Suppose you are risk-neutral.
Identify and discuss the key differences between the presidential and parliamentary systems of government. Your answer should include a comparison of electoral processes which brings a party to power, how the executive and his/her cabinet are selecte..
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