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A senator gives a speech where he attacks payments to seniorcitizens. He claims that payments increased by 50% per person from1980 to 1990. Another senator gives a speech about health-carespending.
Economy A has an inflation rate of 6% in 1990. This rate has stayedthe same during the previous five years. Economy B has an inflationrate of 4% in 1990. During the previous five years, inflation ha
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009. B. Calculate the elasticity of demand and elasticity of supply; what do you conclude from these answers whether these ar
Janequit her job at IBM where she earned $50,000 a year. Shecashed in $50,000 in corporate bonds that earned 10% interestannually to buy a mini-bus. Jane has decided to buy themini-bus and set up a
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009. B. Calculate the elasticity of demand and elasticity of supply;what do you conclude from these answers whether these are
A doctor earns $250,000 per year, while aprofessor earns $40,000. They play tennis against eachother each Saturday morning, each giving up a morning ofrelaxing, reading the paper, and playing with t
Suppose the community has the right to clean water. The factoryowner wants to increase the level of pollution from the current 10gallons per day to the optimal level. What is the maximum totalpaymen
If the countries split the market evenly, what would be SouthAfrica's production and profit What would happen to South Africa's profitif it increased its production by 1,000 while Russia sticks to t
Now suppose that due to the success of the Canucks in the first round of playoffs the demand for jerseys rises, what do you think will happen to the equilibrium price and quantity of Canucksjerseys
Explain what we mean by "money" , and taking a "narrow" definition of this measure, how a fractional reserve banking system can take a $1000 of "high-powered" money - like cash - and expand the over
Assume the government cuts its purchases by $150billion. As a result, the budget deficit is reduced by $40 billion,private domestic saving decreases by $10 billion, disposablepersonal income decreas
Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1900 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor.
What is the total number of hours worked per week in theeconomy What is the total output per week in the economy What isthe labor productivity per hour What is the labor productivity perworker in a
An auction with positiveexternalities. Suppose that there is a single object to be allocated among 3 individuals. Each individual i has a willingness to pay vi for the object. Individuals 1 and 2 ha
Use the midpoint method to calculate your price elasticity ofdemand as the price of compact discs increases from $8 to $10 if(i) your income is $10,000 and (ii) your income is $12,000. And calculate
Market research has revealed the following information about themarket for chocolate bars: The demand schedule can berepresented by the equation Qd =1,600 - 300P whereQd is the quantity demanded and
Suppose that the economy starts at equilibrium and the mpc =0.8. What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete
Assume that the average payment percase for the Medicare and Medicaid patients is $3,500. Assume thatHoly Family realizes no payment on its charity care and bad debtcases. Holy Family's contracts wi
Assume the demand and supply equations are the same as those givenin Question 11. Now assume the government introduces either aspecific excise tax of T=2 (i.e. $2) per unit, or an ad-valorem tax rat
If the price of a good is increased by 15% and the quantitydemanded changes by 20% then the price elasticity of demand isequal to What is the price of elasticity of demand between $2.50 and$2.25
Suppose you have $20,000 cash today and can invest it at an interest rate of 10% compounded each year. How many years (to the nearest one-tenth year, xx.x) will it take you to become a millionaire
You have a credit card balance of $15,000 which you plan to repayin 4 monthly payments. You plan to use the following repaymentschedule: Month 1 pay interest due Month 2 pay interest due + one-half t
an office has traditionally ordered ink refill 60 units at atime. it is estimated that the carry cost is 40 of the $30 unitcost the annual demand is 240 units and ordering cost is 40 perorder instea
You are given the following model that describes the economy of Hypothetica. 1)Consumption function: C=100 + .8Yd 2) Planned investment: I = 38 3) Government spending: G = 75 4) Exports: EX = 25
Recall the espresso machinecontribution game discussed in class. You and your roommate may by an espresso machine for $50. Your value for havingthe espresso machine is $40 and your value for not hav