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Suppose that the inverse aggregate supply function for a good is P^s(q) = 7 + 4q and the inverse aggregate demand function is P^d(q) = 214 - 5q. Suppose that the market for the good is perfectly competitive.
i) Solve for the equilibrium price and quantity.
ii) Now, suppose that the government places a $36 per unit tax on consumers of the good. What is thenew equilibrium price received by suppliers, the new equilibrium price paid by demanders, and the newequilibrium quantity? What are the government’s revenues? What is the deadweight loss to society ofthe tax?
National savings is equal to the sum of private savings and public savings. To make our notation a bit easier, we will call national savings S, private savings V, and public savings U. So in other words, If private savings 'V' = 0.75S and total savin..
In an intertemporal l decision-making context, the real interest rate is considered as the price of today’s consumption relative to future consumption. The empirical fact that the labor supply curve is upward sloping suggests that the substitution ef..
Suppose U.S. Steel has a steel factory on the Monongahela River in Southwestern PA. Suppose further that steel is sold in a competitive market at a price of $5 per unit. The private marginal cost of steel production is MC(s) = 2 + 0.5s. What is the p..
Suppose that the quantity of good y is measured along the vertical axis and that the quantity of good x is measured along the horizontal axis. Assume that the price of good x is $5 and the price of good y is $10 when income is $200 per time period, p..
Buckeye Industries has a bond issue with a face value of $1,000 that is coming due in one year. The value of Buckeye’s assets is currently $1,290. What is the value of Buckeye's equity? What is the value of the debt?
Illustrate what difference does it make to the tying arrangement issues if the Internet Explorer is a functionally integrated component.
Draw a supply and demand graph for both the short run and long run money markets and explain the impact of an increase in the money supply on each market.
Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
You should draw a graph that depicts the situation below and use your picture to answer the questions. Assume that wages and prices are sticky and that we start at a long run equilibrium. After consumption and investment fall (and before Federal Rese..
Lalaland is a country in which labor is the only resource. Labor can be used to collect roses or to build sheds. Lalaland has only six equally productive workers and each worker can gather either 25 roses or build one shed in one day. What is the opp..
Provide a short example of how the law of diminishing marginal utility applies to a real-life situation. In your answer, explain why utility from consumption of these specific good or service increases quickly initially, peaks, and may eventually lea..
Porter's Five Forces Model, Porter's Five Forces Model is a "classic model" that is still relevant for today's management. This is primarily an industry-based view toward competition. It can be used to support competitive decisions facing manager..
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