Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Solved Assignments
Asked Questions
Answered Questions
Assume that the price of silk ties in a perfectly competitive market is $17 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total Cost 17 24 33
According to the rule of 70, how long will it take for your income to double if you get a 5 percent raise every year? If you start work at the age of 23 earning $40,000 per year and get a 5 percent ra
Find the cross price elasticity between marijuana and cigarette. Interpret the result. d. Suppose the government increases the tax on cigarette such that its price soars by 20%
An economy is faced by the exhaustion of an important natural resource at a time when it is introducing improved technology.using a diagram how these events will affect the economy production possibil
What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead o
The market for DVD’s has a supply and demand curve P’= 2Qs and P=42-Qd a. How many units will be traded at a price of $35? At $14? Which participants will be dissatisfied at these prices?
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit,
If the market for alcoholic beverages is in equilibrium, then the drinking age is reduced from 21 to 18 what will happen to the equilibrium price and quantity of alcoholic beverages.
The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as
How does the total effect of this $20 billion tax cut compare to the total effect of a $20 billion increase in government purchases? Why?
A slowdown in the economy increases unemployment and decreases output. As a result of this action, there will be an increase in the quantity supplied of loanable funds. an increase in supply the of lo
Say that investment increases by 20 for each interest rate drop of one percent. Say also that the expenditures multiplier is 3. If the money multiplier is 4, and each 5 unit change in the money supply
The following information is available within a Keynesian income-expenditure framework of the economy,where Yd is disposable income, t is the marginal tax rate and T is the government’s tax reve
The Marginal product of labor in production process is statistically estimated as MPL=10(K/L)^0.5 Currently the process is using 100 units of K and 121 units of L
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the t
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Fi
Suppose there are 60 million people employed, 10 million unemployed, and 30 million not in the labor force. what does the civilian noninstitutional population equal?
Derive the PPF for both countries and graph them and who is specializing in Bourbon according to Comparative Advantage?
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
What is the range of possible Relative Wage Ratio under which trade based on comparative is mutually beneficial and who has the absolute advantage at producing Cigar?
An increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied.” Is this statement true or false
Build the time series for the Index of Openness (Export of Goods/GDP) using a spreadsheet and build the time series of Imports of Goods/GDP.
Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save. the effect of government regulations on auto emissions
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest.What is the opportunity cost of spendin