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Question 1. Which field of economics primarily studies the application of statistical techniques in analyzing economic problems?
Question 1. Scarcity of resources implies that the production possibilities frontier a.) will shift in over time. b.) will shift out over time. c.) will bow away from the origin. d.) will have a ne
Suppose Sundance Cinema is t he only theater in Madison. The cinema owners know that there are three kinds of people in Madison: Students, Professors and Movie buffs. Their demand curves for movi
Suppose initially that price of a unit of a food bundle is $5 and the price of a bundle of luxurious goods is $10. Determine the optimal combinations of food bundles and luxurious goods bundles fo
Consider the demand equation P = 3/QD + 1, where P is the price in dollars and QD is the quantity demanded. a.) Plot the demand curve qualitatively (you may plot a few points and then fill in the ge
Question 1. The basics of international trade Suppose the domestic demand for insulin in Nomansland is perfectly inelastic and is given by the equation:
a) What are the opportunity costs of apprehending evildoers for each spy? What are the opportunity costs of rescuing innocent people for each spy? b) Who has the absolute advantage in catching evild
Sage and Jeremy w ork in Teton Snow Shop. Work in the shop consists of waxing skis or snowboards. Each of them has 10 hours of working time each day. Sage takes 2.5 hours to wax a snowboard, while J
Consider a movie theater. Suppose that the price elasticity of demand for a typical movie that the theatre shows is 1.2. If the movie theater then shows a movie that is notably more popular than the
As the economy recovers from a recession income rises; that means that the demand for a normal good, like shoes, will increase. Thus, recovery from a recession implies that the demand curve for shoe
a. What is the equation for the market demand curve in slope-intercept form? Show how you found your answer. Use Q as the market quantity and P as the price per unit. b. What is the equation for th
Suppose you know that prices in Grayland have risen 10% in 2012, 20% in 2013, and 50% in 2014. If 2012 is used as the base year for calculating the CPI on a 100 point scale, what is the value of the
Consider the market for bicycles which is initially in equilibrium. Suppose that the Surgeon General releases a report that indicates the bicycle riding helps prevent serious disease.
Given the above information, write an equation for Jason’s production possibility frontier in slope intercept form where jam (J) is measured on the vertical axis and butter (B) is measured on
Suppose that you know the points (X, Y) = (8, 16) and (30, 5) sit on the same straight line. Determine whether the following points sit on this line, sit below the line, or sit above the line.
a. Given the above information construct a payoff matrix for this game. b. Given the matrix you constructed in (a), does Robin have a simple, pure dominant strategy? Explain your answer.
Suppose you are told that the production function for widgets is given by the following equation where Q is the quantity of widgets, K is the number of units of capital used in producing widgets, an
Given this information, construct the equation for Kim’s budget line (put books on the x-axis and coffee on the y-axis).
a. What is the slope of the demand curve? What is the slope of the supply curve? b. What is the equilibrium price and equilibrium quantity of gasoline in Surburbia? Show your work in finding these ans
For each of the following scenarios describe the impact of the described change on the equilibrium price and equilibrium quantity in the chosen market.
Suppose you are given the two points (X, Y) = (10, 15) and (12, 20) and are told that these two points sit on a straight line. Write an equation in slope-intercept form for this line and then identi
The demand for Idaho potatoes is relative elastic as consumers have alternative options like potatoes from Washington State. Given this information, if the government levies an excise tax on Idaho p
Economists can be so obsessive about signs and percentages. Which of the following statements best captures why economists have developed the arc price elasticity of demand formula?
Suppose that new fracking technology has led to a lower equilibrium price for natural gas. The result of the lower price is
The total cost of implementing a price guarantee program given this news is now _____ than compared to before they received the news.