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Suppose that a perfectly competitive market is described by the following supply and demand equations: QD = 300 – P and QS = 2P. Suppose that government subsidizes this good: for each unit sold government pays $15 to the seller. (a) What is the government expenditure on this subsidy? (b) What is the deadweight loss as a result of this subsidy?
Are Lay's Potato Chips a normal or inferior good and Doritos a substitute or complement for Lay's, the marginal cost of producing a bag of Lay=s is 60 cents. How much should you charge per bag?
Calculate John's optimal consumption bundle, (X, Y). (Hint: Since John's indif-ference curves are not smooth and \curvy", we cannot use MRS = MRT to solve for the optimal bundle. Draw a diagram to see where the John's optimal bundle must be on his ..
Who has a comparative advantage in producing wine and who has a comparative advantage in producing schnitzel?
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
Consider a firm selling two products, A and B, that substitute for each other. Suppose that an entrant introduces a product that is identical to product A. What factors do you think will affect (a) whether a price is initiated, and (b) who wins t..
What did you end up doing? Explain using a two time period budget equation and congress must be happy with your findings. You are sitting at your desk starring at your very first bonus.
Ulrick and Birger started an air taxi service in Berlin, Germany, under the name Berlinair, Inc. Biger was approached by a group of travel agents who were interested in hiring an air charter business to take German tourists on vacation. Birger for..
Assume the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be ______
Examine the extent of internal rivalry, entry, substitutes, buyer power, and supplier power within your industry, indicating whether each of these forces represents a high, medium, or low threat to profits.
Deep global recession might trigger changes in expending from imported items to domestically manufactured items. What are at least two policies that governments might implement to increase expending on domestic items.
The marketing manager generally prices books at $35 each, and sales an average of 4,000 per month. Last month, she had a sale and priced volumes at $22.50 each, selling 8,500 copies. Calculate the price elasticity for these books.
What is the opportunity cost of producing pastries and sandwiches in West Coast? Which nation has a comparative advantage in producing pastries and which nation has a comparative advantage in producing sandwiches?
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