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Ethan works 10 hours a day and produces two goods, tables (T) and chairs (C). His individual PPF curve per day is given by the function: T = 8 - 2C. Given this information and holding everything els
Find the equation for marginal revenue for Charter. Draw a graph representing this monopolist's demand curve and its marginal revenue curve.
Given the information, what is the equation for Jar Jar’s budget line? Assume that Jar Jar spends all of his income on coconuts and/or fish. Graph this budget line with coconuts on the x - a
Question 1 . Consider the market for clocks where the market demand and market supply curves are given by the equations bel o w where P is the price per clock and Q is the quantity of clocks:
What is Robinson’s opportunity cost of gathering one coconut? What is Robinson's opportunity cost of catching one fish?
a. What is the opportunity cost if Pareto travels by bus? b. What is the opportunity cost if Pareto travels by plane? c. Which of these two travel options is cheaper for Pareto if Pareto considers the
Consider a movie theater. The movie theater knows that if the price of tickets falls by 10%, the quantity demanded of movie tickets increases by 5%. From this information you can conclude that the
Suppose an economy is currently producing on its PPF. The two types of goods available for this economy are capital goods and consumer goods. If economic growth in the next period is the primary g
In the above graph draw and label the firm's initial marginal revenue curve, MR1. Identify the firm's short-run profit-maximizing quantity, q1.
You are told that the price of good X is $5 and the price of good Y is $10. What is the X-intercept of this budget line? Show how you found your answer.
Consider the market for widgets where there are two firms. You are told that the firms' supply curves are given by the following equations where P is the price per widget and Q is the number of widg
What is the profit maximizing quantity and price for the cartel? Explain your answer and provide a graph of this market to illustrate your answer.
You also know that total cost, TC, is given as TC = PkK + PlL where Pk is the price of capital and Pl is the price of labor. Assume that the price of labor and the price of capital are both constant.
Given this information and assuming that this domestic economy opens its pencil market to trade, find the value of imports, value of exports, value of consumer surplus with trade (CStrade), value
Given the above information, find the equilibrium quantity of paintbrushes and the equilibrium price for a paintbrush. Show your work.
Suppose you know that the two points (X, Y) = (12, 6) and (15, 3) sit on the same line. From this information write an equation for this line in slope-intercept form.
Question 1. What is economics? a. The study of how people make choices under scarcity and the results of those choices for the society. b. The study of how to run society, makingit wealthier and red
a) Given the above information, find the equilibrium price and quantity in this market. b) Calculate the values of consumer surplus and producer surplus before the imposition of the tax. Show them g
Given the above information, what is the maximum amount of apples that Mary and Orson can harvestin a year? What is the maximum amount of oranges that Maryand Orson can
The imposition of the excise tax reduces the number by pizzas produced by _________ per week, and causes a deadweight loss of ____________ per week.
As we move from left to right along an economy’s PPF curve, what happens to the amount of resources available in the economy depicted by this PPF?
Problem 1: Microeconomics focuses on the determination of issues like unemployment, inflation and interest rate.
Suppose that the marginal private cost of producing a good is less than the marginal social cost of producing the good. This implies that
Question 1. A government-imposed maximum price at which a good can be sold is called a price ______ a. floor b. ceiling c. support d. maximum e. minimum
Question 1. The prisoner’s dilemma: a. Represents a situation where rational individuals, while pursuing their best interests, make themselves better off. b. Can help us understand why the marke