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Suppose George and Martha each have 60 hours this week that they can devote to bread baking and meatloaf cooking. Construct graphs depicting the production possibility frontiers for George and Marth
Question 1. For each of the following examples take the given information and write an equation in slope intercept form. Show all your work and NOT just your final answer.
Suppose Nick also knows that there was 0% inflation between 2008 and 2009. What is the real price of the ticket in 2009?
Problem 1. The demand curve for rhubarb pie is given by the equation : P = 10 - 3.1415926 * (Q). At what price is total revenue maximized?
Problem 1. What is the general purpose of Economics? a. To study the choices individuals make when faced with scarce resources. b. To come up with prescriptions about achieving personal wealth.
Suppose the market demand and market supply curves for bicycles in Madison are given by the following equations where P is price per bicycle and Q is quantity of bicycles:
a) What is the equation for UW’s Badger Soccer ticket Marginal Revenue curve? b) Draw the Demand Curve, Marginal Revenue Curve, and Marginal Cost Curve. What is the profit-maximizing productio
Suppose the typical Hobbi t in a year buys 200 pounds of potatoes, 50 pounds of pork and 50 kegs of beer (that is, consider this the “market basket”). Use this information and the data
Calculate the price elasticity of demand when price equals $7500. Should Koko raise or lower the price of ATGM to gain more revenue if the current price is $7500? Why?
Use the demand and supply framework to qualitatively analyze the market in each of the scenarios given in a) through f). How would the demand and/or supply curves shift?
a. In 2013, the population is 110,000. What is the percentage change in the population from 2012 to 2013? b. Suppose the population increas ed by 30% from 2012 to 2013. What is the population of Gotha
Given the above information, calculate the value of economic profits for this representative firm. For full credit show how you found your answer to this question.
Calculate the annual rate of inflation between 2007 and 2008, and the annual rate of inflation between 2008-2009. Show any formula and the work you did to get this inflation rate.
What is the value of total surplus in this market when the market is in equilibrium? Show how you calculated this value.
Given the above information, which country has the comparative advantage in the production of jam? Explain your answer.
(Checking on your facility with percentages.) Joe initially has $100 that he places in a savings account at his local bank. During the first year he earns 10% on this account. (That is, at the end o
Suppose that Marie’s marginal utility from consuming one more unit of bubble gum is 10 utils while her total utility from consuming one more unit of cake increases from 130 utils to 142 utils.
Let pizzas be measured on the vertical axis. When increasing the number of pizzas produced, we know that the opportunity cost of producing each additional pizza
Finally you know that when both firms decide not to advertise they each earn $700 in profits. Use this information to complete the payoff matrix below.
Question 1. Use the graph below of a perfectly competitive firm’s cost functions to answer this set of questions.
Problem 1. This problem consists of two separate problems using the price elasticity of demand concept.
The market supply curve is given as P = 100 + 2Q. Several new firms enter this market and now you are told that at each price there are now 50 more units of the good available. What is the equation
Use the following diagram of a production possibilities frontier for Macroland to answer the following set of questions. Assume that Macroland produces only two types of goods, capital goods (K) and
Gnarnia is a small, open economy that produces ice-cream cones. Let P and Q be the dollar price per unit and quantity of ice-cream cones, respectively. The domestic demand and domestic supply of ice
Question 1. Which of the following is an incorrect representation of economic profit?