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Q1. The market demand and supply functions for pork are: QD = 2,000 - 500P and QS = 800 + 100P. To help pork producers, the U.S. Congress is considering legislation that would put a price floor at $2.25 per unit. If this price floor is employed, explain how many units of pork will the government be forced to buy to keep the price at $2.25? How much will the government spend in total? How much does producer surplus increase?
Q2. Suppose there are two events, A and B. A and B are mutually exclusive. P (A) =.4, P (B)=.5. What is P (A'∩B')?
Managerial economics and should include other criteria such as social responsibility and ethics. Remember to cite your authority and be careful not to plaigerize.
Determine the new equilibrium price and quantity and how much tax revenue does the government earn with $6 tax.
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
Now suppose your utility functioin is U= (square root)Wealth. What is the maximum you will pay for the bike check-in now.
Should the airline replace its night flight from LA with a morning flight as well as should the airline remain in business.
In 2012, Balnur taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1, 2013, she quit teaching, stopped renting out her basement, and began to use it as the office for her new Web site design business.
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
Which is a tax on profits generated from mining of iron ore and coal.
Elucidate the marginal revenue from the fourth worker
Suppose that you are in a committee meeting of the United Nations
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. According to these numbers, what did the hospital cost approximately.
The two firms have the same demand curve P=100-4Q, Marginal cost of Firm 1 is 5 and for firm 2 is 10.
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