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A price discriminating firm has two groups of customers. If the elasticity of demand for group 1 is -2, the elasticity of demand for group 2 is -4, and the price paid by group 1 is $15, the price for group 2 is _____.
Gene has the following utility function: U = XY + 2Y, the Px = $4, the Py = $1 and I=$6. What is the slope of the budget constraint? At the optimal X* and Y* calculate and interpret the MUx/Px & MUy/Py.
Graphical demand and supply analysis, explain the impact on price and quantity in the market for petrol if oil production is disrupted.
More tax revenue is raised if a tax is collected from consumers. More tax revenue is raised if a tax is collected from producers. The equilibrium price after a specific tax will depend on whether the tax is collected from consumers or producers. The ..
Evaluate the arguments for and against protection and state which one (free market or protectionism) is more beneficial to a country.
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 2L + 3K. Draw the isoquant that represents 20 units of output. If the price of each unit of labor is 1, the price of each unit of capital is 2 a..
During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during his 4-year term in office. You know that population grew by 4 percent over the period and that the GDP deflator increase..
Analyze the dynamics of supply and demand to anticipate market equilibrium. Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies. Describe the impact of various forms of competition on busin..
Why do economists argue that an emissions tax is a more efficient way to reduce pollution than an environmental standard?
With the current level of capital is the marginal product for capital 0,12. The rate of depreciation is 6%, the nominal interest rate of a company loan is 8% and the expected rate of inflation is 3%. Should the company increase its level of capital? ..
An individual likes owning cars is better. In order to own a car, an individual must have a 1:4 ratio of frames to tires.
Mr. Dilatoriness has a PhD in economics, but is happily unemployed; he spends most of his time reading classical literature, art and philosophy. He gets $ 3000 a week from his parents. Explain the concept of a reservation wage? Under what circumstanc..
What do you think have been the benefits and losses to consumers in the USA? Why? How do you think the international relations between the USA and China have been affected? Why?
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