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Suppose that the aggregate supply function for a good is S(P) = 10 + P and the aggregate demand function is D(P) = 40 − P. Suppose that the market for the good is perfectly competitive.
i) Solve for the equilibrium price and quantity.
ii) Now, suppose that the government tries to restrict the industry to selling only 20 units. At what pricewould 20 units be demanded (P^D) ? At what price would 20 units be sold (P^S)?
iii) What is the total deadweight loss from restricting the supply to 20 units? (Hint: It might help to thinkthrough the problem graphically).
The initial cost of a permanent park is $1,500,000. Annual maintenance and operation costs are $100,000 per year. Every 6 years, the park needs $400,000 to replace all facilities. At an annual interest rate of 10% per year, the capitalized cost of th..
Which of the following best describes the concept of utility and economic behavior?
First Problem The demand for kitty litter, in pounds, is: ln (D(p)) = 1, 000 − p + ln(m) where p is the price of kitty litter and m is income. 1. What is the price elasticity of demand for kitty litter when p = 2 and m = 500? When p = 3 and m = 500? ..
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Assuming that the economy begins from a static equilibrium, consider how the economy responds to the following shocks. Please plot the responses within the phase diagram, and use separate graphs to show the trajectories of k and c over time. What if ..
Some part of income inequality is likely to be the result of discrimination. But other factors responsible for inequality include (select as many as apply):
If the return of two stocks has a correlation of 1, what does this imply about the relative movements in the stock prices?
Social Security payments and tax revenues may be considered “on-budget”—i.e., as part of the U.S. general budget no different than defense spending supported by income and other taxes including Social Security taxes—or “off- budget” spending supporte..
What is the role of models in economic analysis? How can it be determined if the assumptions underlying the design of an economic model are overly simplified or overly limiting? At what point do the assumptions invalidate the model? Why?
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