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Assume an individual is currently using all of his income to consume two goods, X and Y. If the prices of X and Y are $3 and $8, respectively, and the marginal rate of substituion of X for Y is four
The average cost is AVC = 3500 - 6Q + 0.005Q square If the industry is competitive, estimate the shut-down price. If the market price is below shut-down, regardless of fixed costs, explain why the fir
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks from the same sort of wood. Although hard woods were readily available in the past, recently they have
Using your answer to question above, compute the value of the multiplier. Using your answer to the question above, calculate the amount of the change in the equilibrium level of Real GDP due to a $1
The City of Greenville needs to raise revenue. Alderman Black has proposed a $10 tax on red cars in the city, currently numbering 2,000. Mayor White, who wants more than $20,000 in revenue, proposes
An airline ticket from Baltimore to Miami costs $525. A bus ticket is $325. Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of
Ralph wants to buy some milk and a box of cereal. If Ralph buys 4 gallons of milk at $3.00 per gallon, the box of cereal costs $2.00. If he buys 5 gallons of milk, the box of cereal is free. For Ral
A corporate bond has a face value of $10,000 with a bond rate of 10%. The interest of the bond will be paid quarterly. The bond will mature in 10 years. If the bond is sold at $8,500 on the market,
An investor purchased 100 shares of Omega common stock at $80 a share plus $20 commission for the transaction. He held the stock for nine years. For the first four years he received annual end-of-ye
At an initial point on the aggregate demand curve, the price level is 100, and real to GDP is $15trillion. After the price level rises to 110, however, there is an upward movement along the aggregat
TOTAL CIVILIAN POPULATION AGE 16 AND OLDER: 233.8 million NOT IN LABOR FORCE: 79.5 million CIVILIAN FORCE TOTAL: 154.3 million - EMPLOYED: 145.4 million - UNEMPLOYED: 8.9 million CIVILIAN UNEMPLOYMENT
An office manager is concerned with declining productivity. Despite the fact that she regularly monitors her clerical staff four times each day (9am, 11am, 1pm and 3pm) office productivity has decli
Vaguely remembering his intoductory economics course, thechief Financial officer tells the CEO it is better to produce 1case of ball bearings , because marginal revenue equals marginalcost at the qu
1.)Calculate the marginal tax rate (MTR) and average tax rate (ATR) for a person earning $15,000 and one earning $35,000. 2.)Is this tax system progressive, regressive, or proportional Describe fully
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that ove
(a) what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100 (b) draw a production possibilities curve showing the
Harrison, Carla, and Fred are housepainters. Harrison and Carla can paint 100 square feet per hour using a standard paintbrush, and Fred can paint 80 square feet per hour. Any of the three can paint
The poverty rate would be substantially lower if the market value of in-kind transfers were added family income. The largest in-kind transfer is Medicaid, the government health program for the poor.
Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi's marginal rate of techn
A few years ago, when residential electricity in the state of Washington cost about half as much as in nearby Montana, the average household in Washington used about 1,200 kilowatt-hours per month,
What are some of the benefits and costs that contribute to your customer value from each of the following products: a wristwatch, a weight-loss diet, a cruise on a luxury liner, and a checking accou
Suppose market demand is P = 130 - Q. a) If two firms compete in this market with marginal cost c = 10, find the Cournot equilibrium output and profit per firm. b) Find the monopoly output and profit
show what happens to the nominal interest rate and the equilibrium quantity of loans when both borrowers and lenders increase their estimates of the expected inflation rate from 5 percent to 10 perc
A mortgage company lends the Miller family $100,000 to buy a house worth $105,000. During the next year, there is deflation and all prices, including house prices, unexpectedly fall by 10%. 1. After