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Question: Dick DeWolf and his wife have a total taxable income of $60,000 this year and file a joint federal income tax return. If inflation continues for the next 20 years at a 7% annual rate, Dick wonders what their taxable income must be to provide the same purchasing power after taxes. Assuming the federal income tax rate table is unchanged, what must their taxable income be 20 years from now?
Confirm that the inverse-elasticity pricing rule holds for the profit-maximizing price you calculated in the previous problem. (Hint: use the point elasticity formula: ε = (ΔQ/ΔP)(P/Q) to calculate own-price elasticity of demand.)
Can you think of a recent example where you had to evaluate the incremental costs. Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
Are all seats sold? If not, wouldn't the airline make more money by selling more seats at a lower price - Explain the conditions necessary for a firm to practice 3rd degree price discrimination and using airline conditions as examples.
define cognitive dissonance and provide an example. how might cognitive dissonance impact a future home purchase? car
Compute the ex-post optimal monetary policy
what do you mean by social welfare function? if you assume that such a function exists what properties of social optima
Consider a consumer who each week purchases two goods, X and Y. The following table shows three different combinations of the two goods that lie on three of her indifference curves-A,B, and C.
Using demand and supply analysis, describe a specific situation where a shortage occurred. Why were prices unable to adjust in this market?
a. For this monopolistically competitive firm, what is the profitmaximizing output level and at what price will it sell this output? b. At profit maximization, explain why this firm is considered to be in long-run equilibrium.
Calculate the marginal cost for each entry of the quantity in the above table, and using the marginal cost you computed, find the quantity of output.
If the US economy slides into a recession this would cause a decrease in US imports from the UK. This decline in imports would cause a decrease in the demand for foreign exchange and the dollar/pound exchange rate would fall.
What is meant by "The more productive a resource is, the more it will be in demand." Can you provide an example?
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