Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
a) Find the equilibrium price and quantity in this market. b) If the government imposes a price floor of $320 in this market, find the size of the resulting surplus.
The production possibility frontier (PPF) for Vidalia is drawn in the graph below. Vidalia produces only two types of goods: bicycles and onions. This PPF is drawn holding resources, technology and
What is the value of FC for the representative firm in this industry? At the long run profit maximizing quantity for the representative firm, what is the value of VC for the firm?
a. Find the domestic demand and the domestic supply curves for sardines in Finlandia. b. What is the equilibrium price and quantity in the domestic market for sardines?
Imagine it is possible for you to divide your time between harvesting clams and collecting mangoes and that you can even find fractional amounts of both goods. Draw a sketch of your production possi
Problem 1. For this question you are given information about the linear relationship between two variables. Write an equation in slope-intercept form expressing this relationship.
Sammy considers 2 wooden pencils to be a perfect substitute for 1 mechanical pencil. The price of 1 wooden pencil is $2, and the price of 1 m echanical pencil is $3. Sammy has an income of $18. Wh
In a small open economy, when the government imposes barriers to international trade (tariffs and/or quotas) the economic surplus of __________ increases when compared to this group’s economic
Suppose a technology increase allows Italy to produce more Wine than it could initially. With this change in technology, which country will have the comparative advantage in Wine production?
Jeremy’s research interests include the behavior of GDP (Gross Domestic Product) of the United States and various European countries, unemployment, and the inflation rate. Jeremy’s inter
Consider a market served by a single producer. The total cost function for this monopolist is TC = 0.5Q2 . The marginal cost function for the monopolist is MC = Q. Furthermore, suppose there are t
Suppose the price of a bottle of soda increases from $1 to $4, draw Jack’s new budget lines (BL2) and find his new utility maximization consumption bundles.
Calculate the total revenue (TR) at P = 20 and P = 15 separately. When P = 20, TR = ______; when P = 15, TR = ______. Does the total revenue (TR) increase, decrease, or stay the same when the pric
If there is a shift, state the direction of the shift (e.g., demand shifts to the left or demand shifts to the right), and finally, identify the effect of the event on the equilibrium quantity and e
a. What is the opportunity cost of solving 1 Math question for Ann? What about for Drew? b. What is the opportunity cost of solving 1 Biology question for Ann? What about for Drew?
Suppose a consumer buys two goods: cheese and milk. The consumer has a downward sloping income-consumption line for the two goods. This implies ________.
Atsuko likes two types of spread on her toasted bread. She likes to use either Nutella or Vegemite and she does not like to mix the two. What is the relationship between the two products?
Problem 1: Suppose the total cost of production for a firm is given by the equation:
Budget Lines and Indifference Curves A. Suppose Tayler has an income of $480 to buy two goods: pizza and textbooks. The price of a slice of pizza is $2, and the price of a textbook is $80.
The domestic demand and domestic supply curves for CD players in a small closed economy are as follows:
Assume there are a downward sloping demand curve and an upward sloping supply curve for DVD players. Each of the statements will change this equilibrium point by shifting either the demand or
Draw the PPF for this factory’s production per day and label it PPF1. In your graph, place the number footballs on the x-axis and the number of basketballs on the y-axis. (Hint: It is a straig
If the market for gadgets is supplied by a monopolist, what is the equilibrium output and price for gadgets assuming that the monopolist charges a single price for gadgets? Show your work. (Hint: yo
Calculate the rate of inflation between 2008 and 2009 based upon the above information and using the CPI as your measure of the price level. Show your work.
Problem 2. According to the graph the amount of the excise tax is best described as a. P2 - P1 b. P1 - P3 c. c - a d. P1 - a