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Assume an automobile manufacturer can sell its pickup truck with or without a towing package. Customer Group A is willing to pay a maximum of $30,000 for the truck and $1,100 for the towing package.
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the
Online Tutors offers monthly access to students for either or both math or science tutors. A market study found that the served by Online Tutors can be divided into two types of students: students n
Computer Products Corp. sells peripheral equipment used by both private businesses and the government. Due to a recession, Computer Product's sales have declined by 100,000 units and it now has 200,
If the tax elasticity of labor supply is 0.20, how much will the quantity of labor supplied in crease in response to(a) A $500 per person income-tax rebate (b) A 4-percent reduction in marginal tax ra
Suppose households supply 430 billion hours of labor per year and have a tax elasticity of supply of 0.20. If the tax rate is increased by 10 percent, by how many hours will the supply of labor decl
Polla Chilena de Beneficencia S.A. operates the national lottery of Chile. The unit of currency is the peso (CLP); 1.00 CAD = 496.307 CLP at 18:00 PST May 25, 2012. Arturo Cousiño has won 500
A retailer has offered you two options to purchase kitchen and laundry appliances: A. $3598.88 cash today; or B. a down payment of $912.50 plus three additional identical payments 80 days, 160 days,
Alistair deposited $10,000 on July 1, 2005, in a first fund that gives interest of 31 2 percent compounded semiannually and matures on June 1, 2012. He knows that, on December 18, 2012, he can depos
Suppose that technophiles are willing to pay $400 now for the latest iphone, but only $300 if they have to wait a year. Normal people are willing to pay $250 and their desire to purchase doesn't var
Determine the Net Present Value of the cash flow at annual interest rates of 15%, 20%, and 30%. At what (interpolated) rate would the NPV become zero What is such a rate called Also, calculate the p
Does a monopolistic competitor produce more or less output as compared to an efficient level of production Explain. What are the benefits and drawbacks of this Should the government intervene to alt
The fisherman has a fixed cost of $200 per day and variable costs of $150 per hour (wages and fuel). Fill in the information missing in the following table. Hours/ day Total Fixed Costs Total Variable
In order to determine whether time is being spent optimally, a commercial fisherman has recorded the following information over the past year: "hours spent fishing" and "quantity of fish caught." Wh
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 p
a) What is the price elasticity of demand for HP printers b) What is the cross-price elasticity with respect to commodity X Give an example of what commodity X might be. c) What is the cross-price ela
d. explain why the production possibility frontier of part c is concave. e. sketch the realtive price of food as a function of its output in part c. f. if consumers insist on trading four units of foo
Enumerate the various objectives a firm might have and how the price mechanism can be used to realize such goals. Have you any real-world examples to support your answer While you're at it, calculat
a) If pizzas sell for $14, what is Pat's profit-maximizing output per hour What is her profit (or loss b) What is Pat's shutdown point (Hint: how low can Pat's price get before is shuts down) c) Graph
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real o
Assume the banking system contains Total reserves $80 billion Transaction deposits $800 billion Cash held by the public $100 billion Reserve requirement 0.10 a. Are the banks fully utilizing their len
On the planet Omicron Persei 8, government spending is $1000, net taxes are $1200, and planned investment is $1400. Consumers spend according to the equation C = 100 + 0.8Yd, where Yd represents dis
The global economy in 2011 appears to be headed into a double-dip recession. Based on your knowledge of aggregate demand and aggregate supply, suggest the reasons and causes for the downward tailspi
Show how the allocation of the loss of total consumer and producer surplus between suppliers and demanders described in part b depends on the price at which broccoli is sold. How woiuld the loss be
Suppose market demand is given by Q= -200P + 8,000. What will be the short run equilibrium price quantity combination. Suppose everyone starts writing more research papers and the new market d