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Suppose the demand function for Polo shirts is Q = 15 - 0.5P. At a market price of $10, a person with this demand function buys a total of 10 shirts.
a. What is this person's total consumer surplus?
The economic and financial crisis from 2008 to 2009, also known as the global financial crisis, was considered to be the worst financial crisis since the Great Depression. The general situation at financial markets has been additionally complicated b..
Using the values of DOL calculated above, calculate the profits for a 10% increase and 10% decrease in quantity.
Consider the following PPF for a beverage factory. Which of the points of production is efficient - What is the opportunity cost of producing 1 dozen cream puffs for Sol?
Sometimes it is convenient to think about the consumer's problem in its "dual" form. This alternative approach asks how a person could achieve a given target level of utility at minimal cost. Develop a graphical argument to show that this approach ..
Suppose that the production function for iPods isQ= 20K0.5L0.5. The marginal product of labor is 10(K/L)0.5, and the marginal product of capital is 10(L/K)0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the firm ha..
First explain what the free rider is ?Then discuss how the problem applies to
However, using these new concrete forms adds 10% to the overall cost of the home. A typical 2,000 sq. ft. home using standard concrete forms costs $120 per square foot to construct and uses $300 per month average to heat and cool. Calculate the IR..
Distinguish between private and social costs and use this distinction to explain why the air in cities is so polluted from automobile exhaust fumes. Examine how government can try to correct this externality.
What is the growth rate of real GDP - what is the change in the real rate of interest and nominal rate of interest?
How much must the money supply change for the Fed to induce the change in real planned investment calculated in part a and what dollar amount of open market operations must the Fed undertake to bring about the money supply change calculated in part ..
Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff? Less-developed nations sometimes argue that the industrialized nations' tariff st..
The Bertrand and Cournot oligopoly models differ with regard to whether they compete on price of quantity. The profits from each strategy are significantly different. Why?
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