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Economists estimate that the supply function for the widget market is given by the following expression: q = 0.2 · π − 40 a. Calculate the demand and price at the market equilibrium if the demand is as defined in Problem 2.2. b. For this equilibrium, calculate the consumers’ gross surplus, the consumers’ net surplus, the producers’ revenue, the producers’ profit and the global welfare. 2.4 Calculate the effect on the market equilibrium of Problem 2.3 of the following interventions: a. A minimum price of $900 per widget 46 2 BASIC CONCEPTS FROM ECONOMICS b. A maximum price of $600 per widget c. A sales tax of $450 per widget. In each case, calculate the market price, the quantity transacted, the consumers’ net surplus, the producers’ profit and the global welfare. Illustrate your calculations using diagrams.
Describe the current state of the U.S. economy using the two monetary aggregates (M1 and M2) currently published by the Federal Reserve. In your description, illustrate the trends of the two monetary aggregates. . Evaluate what the Federal Reserve Ba..
You learned that Texas has a tax system that is generally “regressive” because it relies heavily on sales taxes rather than income taxes. What are the definitions of regressive, flat, and progressive when it comes to taxes? Why a sales tax is conside..
Elucidate the supply function for a perfectly competitive industry with constant returns to scale? Consequently, what will be the equilibrium price and equilibrium profits for this industry.
Speculate about why people in higher income groups vote for reasons that are borne out of a sense of duty rather than from economic interests.
Suppose that two countries, initially in autarky, decide to create a single market. For simplicity, assume that in both economies there is only one product. Demand for this product is given by D(i) = S(i) (a – p(i)) (for i = 1, 2), where S(i) is a me..
Demand for a good is Qd = 20,000, 100 P. Supply is Qs = -1000 + 200 P. a. Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it. b. What is the elasticity of supply at the solution point? What is the ela..
How has the educational system affected the quality of our labor force? Explain the Malthusian theory of population. Is it relevant today anywhere in the world? Explain where and why. How does the American savings rate compare to that of other leadin..
Suppose in a survey of N = 400 students, 215 responded that they prefer small classes and 185 responded that they prefer large classes. Let p denote the fraction of all students who preferred small classes at the time of the survey, and ˆp be the fra..
A machine, purchased for $45,000, has a depreciable life of 4 years. It will have an expected salvage value of $5,000 at the end of the depreciable life. Using the straight-line method, what is the book value at the end of year 3?
q.happy bank initiates with 200 in bank capital. after that it takes in 800 in deposits. it keeps 12.5 percent of 18th
What is the relationship between the price level and the level of output in the long run?
Tax Freedom Day answers the basic question, Illustrate what cost is the nation paying for government.
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