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Each year Sally purchases a basket of fruit to send to her Aunt Jane for the holidays. In 2008 the fruit basket cost $60 and in 2009 the same fruit basket cost $72. What was the percentage change in
Given the above information, when the firm produces 10 units of output the firm’s marginal cost is equal to a. $1.90 b. $0.40
Joe and Susie are both economists. Susie has constructed an economic model of the economy that she uses to explain the effect of government spending programs on the level of gross domestic product (
Consider a perfectly competitive market with a market demand curve that is given by the equation P = 2000 - Q. A representative firm in this market has a total cost curve given by the equation TC =
Using the standard percentage change formula (not the midpoint method), what is the percentage change in the price of bicycles if the initial price is $100?
Compare Eastland's total surplus as a closed economy with its total surplus as an open economy. What is the change in total surplus it receives when it opens its economy?
Contrast and compare the relationship of the slope and opportunity cost of a linear PPF and a bowed-out from the origin PPF.
At her current consumption level, Katherine would get half as much marginal utility from an additional bagel than from an additional muffin. If Katherine is maximizing utility, the price of a
a) What is the equation for Marginal Revenue? b) What is the equation for Marginal Cost? c) Draw the Demand curve, Marginal Revenue curve, and Marginal Cost curve for this monopolist in a graph.
James is at the University Book Store. He needs some ring binders and highlighter pens. The following table <Table 1> shows the total utility that James gets from using ring binders.
Assume that this economy is closed to world trade. Calculate the equilibrium quantity, price in the market for books.
Given the above information, please answer the following questions; a) At the Badgers’ production possibility frontier, what resources will they use, and how much? b) What are the possible alloc
Bohemia is a community that produces two goods, ground beef and milk. The following table describes the production possibility frontier (PPF) for Bohemia during 2009. Assume the PPF is linear betwee
1. Find the cross price elasticity of demand for steak, using the arc-elasticity formula. 2. Are steak and lobster substitutes, complements or neither? (Circle your answer)
Using the point elasticity formula, calculate the price elasticity of demand of pasta at the equilibrium point.
Suppose that the government introduced a price floor in this market, and set it at $5.00. Determine the impact of this price floor on this market: be specific about whether the price floor creates a
Is hunting 7 boar and collecting 7 mangos an efficient use of their resources? (Hint: drawing a combined PPF with both individuals working together should help). _______
For each of the following equations find the requested information. a. P = 10 – 100 W where W is the variable measured on the y-axis.
1) Determine equilibrium price for this closed economy. 2) Determine equilibrium quantity for this closed economy.
Consider the market for textbooks. It is characterized by the following equations: Demand: P = 100 - (6/5)Qd Supply: Qs = (5/2)P - 50 a) Determine the equilibrium quantity in this market:
This monopolist is a single price monopolist. What is the monopolist’s profit maximizing quantity and price in this market given this information? In your answer make sure you identify what th
In this market, what is the long-run equilibrium price and what is the long-run equilibrium quantity for a representative firm to produce? Explain your answer.
For the problem assume that capital is fixed and does not change as the level of output changes. Furthermore, assume that labor and capital are the only inputs used to produce the output.
For this problem assume that the market basket is defined as 1 hammer, 1 lawn mower, 1 unit of groceries for the year, and 2 bicycles. Note in this problem you may want to use a calculator and round
In the market for corn flakes the price of cardboard used in packing the cereal has risen at the same time that the Surgeon General releases a report detailing the dangers of a diet high in corn pro