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Suppose Jeff's friend Bharat gains utility from restaurant meals (M) and theater productions (T) according to the function
\(U(M,T)=40M^2T^\frac{1}{2}\)
The constant per unit price of M is $30; the constant per unit price of T is $20; and Bharat has $300 to spend on these activities. If the price of M rises to $35, what is the appropriate compensating variation?
The following set of equations describe an economy: C = 14,000 + 0.6(Y - T) - 50,000r, I p = 7,000 - 25,000r, G = 8,000, NX = 2,000, T = 8,200, Y* = 46,450 a. Find a numerical equation relating planned aggregate expenditure to output and to th..
Determine the Herfindahl index for an industry composed of three companies one with 70% of the market, and the other two with 20 and 10 percent of the market respectively one company with 50% share
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table Using Excel statistical tools, ca..
Jesse sells 400 candles per month at an average price of $5 per candle. Costs of supplies to produce and sell the candles are $500. Rather than producing and selling candles, Jesse could be working at a second job earning $800 per month.
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
An owner can lease her building for $100,000 per year for three years. The explicit cost of maintaining the building is $35,000, and the implicit cost is $50,000. All revenues are received, and costs are borne, at the end of each year. If the inte..
This question considers a closed economy Keynesian model that is augmented to include transfers payments to consumers (Tr = Transfers) that increase consumers' disposable incomes and lower government savings. a) Suppose you had the following c..
The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a..
Assume that a hypothetical economy with an MPC of .7 is experiencing severe recession. By how much would government spending have to increase to shift the aggregate demand curve rightward by $30 billion
The company has estimated its cost of capital to be 15%. Assume that the entire $75,000 is paid at time zero the beginning of the project. The marginal tax rate for the firm is 40%. Based on the net present value criterion.
100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es 51.0). So how many popsicles will be sold each day in the short run if th..
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