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Irwin is a monopoly seller of specialty bearings. Consider the graph below, which illustrates the demand and marginal revenue curves for Irwin's 30-weight ball bearings, along with the marginal and average total costs of producing bearings:
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
Assume that gross national debt initially is equal to $3trillion and the federal government then runs a deficit of$300 billion. What is the new level of gross national debt? If 100 percent of the deficit is financed by the sale of securities to feder..
Consider an economy of three-period-lived people in overlapping generations. Each person is endowed with y goods when young and old and nothing when middle-aged. The population of each generation born in period t is Nt, where Nt = nNt−1.
A large project requires an investment of $200 million. The construction will take 3 years: $30 million will be spent during the first year, $100 million during the second year, and $70 million during the third year of construction. The total equival..
The structural engineering design section within the engineering department of a regional electrical utility corporation has developed numerous standard designs
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
Surveys indicate that Americans are becoming more and more dependent on over the counter medications such as Advil. For each of the following two scenarios, illustrate and describe the effect on both the demand and supply curves and on equilibrium pr..
Over which range of production, the marginal product of the variable input would be increasing in the short run.
An insurance company offers protection against theft or loss of credit cards. The insurance company will insure a credit card holder against all costs incurred for any credit cards (regardless of the number of cards) lost or stolen during the next th..
Consider a small modification to the one period labor supply problem that we studied in class. Specifically, assume that the individual seeks to maximize utility, U(C) + V(Leisure) subject to the budget equation PC = W L + D. The only new element in ..
A forest stand yields a recurring timber harvest income of $50,000 that occurs every 45 years. Using a 7% interest rate, find the present value of the perpetual harvest income stream assuming that the first income occurs 45 years from now.
Describe a situation in which autocorrelation might be present and which of the three methods of detecting autocorrelation you would leverage. Explain your rationale. Describe what remedial measure you would take to address autocorrelation if it were..
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