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The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg And the industry supply curve is given by Qs = +15Pw - 3 Wage Where Pw represents the price of widgets, Pg is the price of gasoline, Y is disposable personal income in Springfield, and Wage is wages paid to workers in widget factories. Currently, Y= $10, Pg = $3, and Wage = $20. Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the equilibrium price and quantity? Equilibrium price rises; the effect on equilibrium quantity is uncertain. Equilibrium quantity rises; the effect on equilibrium price is uncertain. Equilibrium price falls; the effect on equilibrium quantity is uncertain. Equilibrium quantity falls; the effect on equilibrium price is uncertain. Nothing happens to the market equilibrium price or quantity.
Suppose the simplified consolidated balance sheet shown below is for the entire commercial banking system. All figures are in billions. The reserve ratio is 25 percent. A. What amount of excess reserves does the commercial banking system have.
a. Graph the short run total product curves for each production function for 0 L 25 in the case where K is fixed at 4. b. Graph the marginal product of labor curves for each production function for 1 L 25. c. Do these production functions exh..
We have three variables, Information is 2000-2005. I use OLS to Determine the model and get a standard result.
However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides. What were taxicab drivers assuming about the elasticity of demand.
Suppose that an investor has a choice between buying this security or purchasing a different security that also costs $3000 today but pays off $3300 with certainty in one year. How is an investor's choice of which security to purchase related to h..
Suppose that you are going to buy a BMW that sells for $40,000. Assume that the interest rate on a savings account is 10% and that your savings account currently has $40,000. For simplicity, assume that BMWs are the only good in the economy.
What are consumption and saving in each period, assuming no borrowing constraints? What happens if the consumer faces a borrowing constraint that prevents her from borrowing?
(1) A payment of $10/day is to be given this year to each person who was classified as poor last year; and (2) each person classified as poor will be given a benefit equal to 20 percent of the wage income he earns each day this year.
The marginal cost function of all the small salons together is SMCF = 4 + .1Q, and the marginal cost function of the dominant or leading salon is MCL = 7 + .1Q. (c) If the large salon forms a centralized cartel. what would be the best level of out..
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
A consumer of two goods faces positive prices for both goods and has positive income. Her preferences over consumption of good 1 and good 2 are represented by the following utility function: u(x1; x2) = min {2x1 + x2; x1 + 2x2}
GOOD Price yr 1 Quantity of Goods year1 Price yr2 Quantity of goods yr2 Quarts of icecream $6 4 $6 6 Bottles of shampoo $4 2 $4 3 Jars of PeanutButter $3 4 $3 3
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