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Marc has a budget of $20 a month to spend on root beer and DVDs. The price of root beer is $5 a bottle, and the price of a DVD is $10. Figure 2 illustrates his preferences. Use Figure 2 to work Problems.
If the price of a DVD falls to $5 but the price of root beer and Marc's budget remain unchanged, what quantities of root beer and DVDs does Marc now buy? What are two points on Marc's demand curve for DVDs?
What is the effect on the money supply?
How does a change in b affect the elasticity of demand at the equilibrium without taxation?
Suppose that the supply curve in a market is upward sloping and that the demand curve is totally inelastic. In a free market the price is $30 per ton. If an excise tax of $2 per ton is imposed in the market, what will be the resulting deadweight l..
Suppose that the government levies of tax of $6 on each unit of the good exchanged. Find the new equilibrium. Find the changes in consumer surplus, producer surplus, and the surplus collected by government. Find the welfare cost of the tax.
Explain the impact of global value chains on world trade. What role do multinational corporations play in these chains?
It can be shown that the marginal return to schooling investments is MW(s) = k0 = ps. What condition governs the optimal choice of education, s*? If r= 5% and ifk 0 = 5.25, what is the optimal schooling level? Suppose that the wage-schooling sc..
i need a specific paragraph long answer to this question full 750 awarded to whoever helps the most thanks what is the
Warren County Telephone Company claims in its annual report that "the typical customer spends $55 per month on local and long-distance service." A sample of 12 subscribers revealed the following amounts spent last month. $66,$63,$68,$60,$61,$60,$6..
A total of $50,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring 1 month after receipt of the $50,000. The stated interest rate is 6 percent compounded quarterly.
What effects will the increase in electricity price have on the manufacturing industry's output.
The market demand curve will thus take the form P=a-bQ and the market supply curve will take the form P=cQ+d suppose that some market consists of 100 buyers and 10 sellers. Each buyer has an identical individual demand curve, P=300-3Q
You just rented a large house and the realtor gave you 5 keys, one for each of the 5 doors of the house. Unfortunately, all keys look identical. so to open the front door, you try them at random.
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