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a. What is the equation for the marginal revenue (MR) curve for Steepery Tea Bar? b. What are the equations for the average total cost (ATC) and average variable cost (AVC)?
Use the data to compute a price index and a real salary for each state, using Wisconsin as the base location (this means that the Wisconsin base index will be 100 if we measure the price index on a
a) Find the equilibrium price and quantity of ice cream in July. b) Calculate the price elasticity of demand and supply at the equilibrium price in July. Use the point elasticity formula to compute
Draw each firm’s supply curves in separate graphs and then construct the market supply curve in a new graph assuming that Firm A and Firm B are the only firms that are authorized to produce iP
Problem 2. Playing with two given equations. Consider the following equations of two straight lines.
For a given excise tax, holding the supply curve fixed, as the slope of the demand curve becomes flatter (more elastic), what happens to Deadweight Loss?
Given this information what is the tax rate that Andrea is paying in 2015? Assume that tax rate is defined as the amount of taxes paid divided by income earned expressed as a percentage.
a. Find MG&E’s marginal revenue function. That is, wri te an equation for MG&E's MR function. b. Find the profit maximizing price and quantity. Show your work as well as your reasoning f
The goal of this problem is to highlight the connection between Consumer Theory topics like utility and budget lines, and our understanding of downward sloping demand curves.
Part I – Excise Taxes. Question 1. (You are not required to plot anything for this part, but, as usual, plotting provides valuable insight into both the calculations and the intuition.)
What is the opportunity cost to write one problem for each of these TAs? What is the opportunity cost of correcting one homework for each of these TAs?
For each of the following pairs of coordinates (X, Y) write the equation for the straight line that contains both points. Show your work. Show how you calculated the slope of the line.
Given the imposition of this excise tax on picture frames, relative to the initial pre-tax equilibrium price, the price per unit paid by consumers _____ while the net price received by producers _
Suppose that this producer is forced to sell this good to both Type I and Type II buyers as if they are a single market (the producer would be a single price monopolist in this case). Calculate the
Determine the equilibrium price and quantity for bicycles in Zeeland given the above information. Show your work for full credit and put your answers in the provided spaces.
Given this information and holding everything else constant, what do you predict will happen to the equilibrium price and equilibrium quantity in this market relative to their initial levels?
Write an equation in slope-intercept form for Zerbia’s PPF for the segment between points B and C. Use K as your symbol for capital goods and C as your symbol for consumer goods. For full cred
Suppose you know that the point (X, Y) = (5, 8) sits on a straight line and you are also told that each time the X variable increases by 2 units, the Y variable increases by 5 units. From this infor
Examine the payoff matrix you created in (a). Does Sue have a dominant strategy? Explain your answer. Examine the payoff matrix you created in (a). Does Joe have a dominant strategy? Explain your answ
Use the following graph of a natural monopolist to answer this next question. The graph depicts the market for a monopolist where LRATC is the long-run average total cost curve, MC is the marginal c
Consider an aggregate production function Q= 2K1/2L1/2 where Q is the number of widgets, K is the number of units of capital, and L is the number of units of labor. For this question assume K i
Given the above information, find the equilibrium price and quantity in this market. Then calculate the value of consumer surplus (CS) and producer surplus (PS).
a. Suppose you are given the following two points that sit on a straight line (x, y) = (10, 2) and (5, 4) What is the equation for this line in slope - intercept form? Show all your work in finding th
Dunia spends all her income on two goods X and Y. The price of each unit of X or of Y is $1, and it’s known that Dunia is consuming 5 units of each good (which means, Dunia’s initial inc