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Qd = 12 - 2P
Qs = 2 + 3P
Find equilibriumium P&Q
Assume that a $1 tax is imposed on the seller. The new Qs is: Qs = 2+3(P- I )
Find the new P&Q.
What proportion of the tax is paid by the seller?
What proportion of the tax is paid by the buyer?
You are the marketing manager for XYZ Corp. You have this regression result for your product:
Q = 2000 - 3.S*P + 1 .2*1. Right now, your price is 10, and the average income of your customers is
$30,000.
compute income elasticity
Is your good a normal good or an inferior good?
You expect a recession. You estimate that your customer's average income will fall 5% due to this recession. Estimate the impact on your sales.
Draw a set of short run production curves including the total, average and marginal product curves. Identify on the graph the range of labor input that would be most likely relevant if you faced varying wage levels from zero up until you would cease ..
If people do not have a complete mental picture of their total utility for every level of consumption, how can they find their utility-maximizing consumption choice? As a general rule, is it safe to assume that a higher wage will encourage significan..
Using the sticky-price model, the higher the average rate of inflation, the more frequently firms must adjust their prices, which implies that a high rate of inflation: Starting from long-run equilibrium in the dynamic model of aggregate demand and a..
where P is the price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 50,000 per game. Assume that all seats are identical. The current price has been set at $10 per ticket. How much reve..
A rule of common law takes precedence over a statute. Legislatures have the power to change the law by enacting new rules of common law. Statutes take precedence over rules of common law.
An economy has the following Cobb-Douglas production function: F(K,L) = K^1/6 (EL)^5/6. The depreciation rate is 1% and the saving rate is 48%. The economy is in a steady state, where the population decreases at a rate 1%, while real GDP per capita g..
Consider the following supply and demand equations for labor in a given industry: (20 points) The supply of labor is W = .25L The demand for labor is W = 12 - .25L. B. If the labor market given above is for a community in which monopolistic labor mar..
John Maynard Keynes who is considered to be the father of Macroeconomics by many once said "In the long-run we are all dead” to emphasize why decision-makers should not worry about long-run effects of policies. As we have also learned in this module ..
Briefly explain why the three variables are appropriate explanatory variables to predict the consumption of services or why they are related to consumption.
The U.S. Department of Agriculture (USDA) administers the price floor for butter, which the 2008 Farm Bill set at $1.05 per pound. At that price, according to data from the USDA, the quantity of butter supplied in 2010 was 1.7 billion pounds, and the..
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
Under Stackleberg competition between two firms, if both firms have the same marginal cost:
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