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Consider an air basin with only two consumer, Huck and Matilda. Suppose Huck's demand for air quality is given by q_h=1-p where p is Huck's marginal willingness to pay for air quality. Similarly, Matilda's demand is given by q_m=2-2p. Air quality can be supplied according to q = p where p is the marginal cost of supply.
a) Graph the aggregate demand for air quality along with individual demands.
b)What is the efficient amount of air quality?
What is the real wage as determined by the price-setting equation and what is the natural rate of unemployment?
When there is deflation, as in inflation of -1%, the real interest rate that Herb pays (as compared to what he expected to pay): increases, so Herb feels poorer decreases, so Herb feels richer increases, so Herb feels richer decreases, so Herb fee..
An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..
You are the manager of 3D Designs-a large company that does graphics work for Disney and other companies. You and your only competitor are contemplating the purchase of a new 3-D imaging device.
Explain how might I have reallocated my spending so as to maximize my total satisfaction from pizza and coffee.
1. Using your understanding of tax incidence explain why some states do not charge sales tax for basic foods. 2. Explain how the elasticity of demand influences tax revenues? 3. Define progressive, regressive and proportional taxes and give an exampl..
Illustrate how critical issues such as process formation, communication, communication channels and personal values may affect a team's structure and success.
Describe what do you mean by the price elasticity of supply.
Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.
As the manager of Pelican Point Financial Group, you are unable to determine whether any given individual is a high or low volume transaction investor. Design a self-selection mechanism that permits you to identify each type of investor.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
James Pizzo is president of a company that is price leader in the industry; that is, it sets the price and the other firms sell all they want at that price.
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