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About 60 percent of the funds was directed at reducing the supply of drugs through domestic law enforcement and interdiction. Some critics of this approach argue that supply-side approaches to reduc
If the world price is still $50 per barrel of oil and the U.S. instead institutes a quota (a limit on the quantity imported) of barrels of 9 million barrels, what are the new consumer surplus, produ
She wants to mazimize the number of cusotmers served, given a fixed payroll. The following table shows how the toatl number of cusotmer served varies with the number of employees:Number of Employees
In one minute, Country B can produce either 1,000 TVs and no computers or 500 computers and no TVs. Similarly, in one minute Country C can produce either 2,400 TVs or 600 computers.
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of calls made. Provider B does not have a fixed service
A mega agricultural operation is considering the purchase of a new tractor. 1. Which tractor is better using the Net Present Worth (NPW) method 2. Which tractor is better using the Internal Rate of Re
Ginger's utility function is U(x, y) = x2y, with associated marginal utility functions MUx = 2xy and MUy = x2. She has income I = 240 and faces prices Px = $8 and Py = $2. a) Determine Ginger's opti
From this information, derive Kaleem's demand schedule. Graph his demand curve for bottled water. If the price of a bottle of water is $4, how many bottles does Kaleem buy. How much consumer surplus
The consultant uses data to estimate the following equation: Q = 1,500 - 4P + 5A +10I + 3PX where Q is the amount demanded per period; P is the price of the product in dollars; A is advertising expe
A small company heats its building and spends $8,000 per year on natural gas for this purpose. Cost increases of natural gas are expected to be 10% per year starting one year from now (i.e., the fir
Determine the equivalent equal payment series for the following gradient series. A payment of $12,000 at the end of the first year is decreasing by $500 each year over the next 14 years. Assume inte
If an 80% learning curve is expected in the use of the SPC charts to reduce the cost of scrap, what would be the percentage-age reduction in monthly scrap costs be after the charts have been used fo
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B doe not have a fixed ser
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 22,0
The demand curve for haircuts at Terry Bernard's Hair Design is, P = 22 - 0.22Q, where Q is the number of cuts per week and P is the price of a haircut. Terry is considering raising her price above
Suppose that in this economy the fraction of total output in a sector that is paid to labor is the same as the fraction paid to labor in the United States. When output was $300 billion (in constant
a) If each security guard is paid $200 a week and the cost of a stolen radio is $25, how many security guards should the firm hire b) If the cost of a stolen radio is $25, what is the most the firm w
John has a weekly endowment of 140 dollars that he spends on buying games (G) and music cds (M). The price of each game is 30 dollars, the price of each cd is 20 dollars. He can buy any amount of th
Consider the following classical inventory problem. A retailer must decide the quantity Q to order periodically to minimize expected annual cost. The retailer faces demand of D units per year and ev
Each month, a gas station sells 4,000 gallons of gasoline. Each time the parent company refills the station's tanks, it charges the station $50 plus 70¢, per gallon. The annual cost of holding
A monopolist sells Product A and Product B. A unit of Product A costs 5 dollars to procure while a unit for Product B costs 10 dollars to procure. Let PA be the selling price of Product A and PB be
Assume that the reserve requirement is 5%. All other things equal, will the money supply expand more if the Federal Reserve busy $2,000 worth of bonds or if someone deposits in a bank $2,000 that he
A certain fluidized-bed combustion vessel has an investigation cost of $ 100,000, a life of 10 years, and negligible market (resale) value. Annual costs of materials, maintenance, and electric power
An individual makes five annual deposits of $2,000 in a savings account that pays interest at a rate of 4% per year. One year after making the last deposit, the interest rate changes to 6% per year
Using a method similar to the consumer price index, compute the percentage change in the overall price level. Use 2009 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.