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QD=1,400-2P, where quanity is measured in billions of units and price is measured in dollers per unit. The equilibrium quanity in this market is_______________units, and the equilibrium price is______
Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range?
Assume that the consumer has $10 to spend on A and B-that is, x + y = 10. How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?
The president of the International Intellectual Property Alliance states that "[a] CD costs 15 cents to produce." If that is true then why do CDs cost upwards of 100 times that in retail markets?
How many units of pork will the government be forced to buy to keep the price at $2.25? How much will the government spend in total? How much does producer surplus increase?
Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this relate to your answer to part (a)?
The licorice industry is competitive. Each firm produces 2 million strings of licorice per year. What is the marginal cost of a string?
Write down a utility function that represents Britney's preferences over dresses and hats. What is the exact value of Britney's indirect utility?
What are the Joseph's demands for roses and tulips as a function of prices and income{PR, PT, I}? You will have three cases depending on the relationship between PR and PT."
Omar has a budget he can spend on coffee, doughnuts, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
How long would it take for the price level to double if inflation persisted at (a) 2 percent per year, (b) 5 percent per year, and (c) 10 percent per year?
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase?
Suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation? What term do economists use to describe this second outcome?
Not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force? What is the official unemployment rate?
Is good Z a substitute or a complement? Pz is a negative value (-0.2). Can we say confidently whether good X is a normal good or an inferior good?
The players are risk neutral. Construct a symmetric mixed-strategy equilibrium in which every bid less than 1.00 as a positive probability.
Soldiers have no income other than their Army salary. Find the indirect utility function and the expenditure function for the typical soldier.
Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain
could future generations be worse off? if external finacing eliminates crowding out, are future generations thereby protected?
Suppose that the Army abolishes the housing allowance in part c. What salary would be required for the soldiers to be as well off as with the allowance?
The risk-adjusted discount rate in this project is 10%. If all the expenses are fully deductible, and all gains are taxable, should he undertake this project?
What is the utility level with the allowance? How much housing does the soldier purchase? How much does a soldier receive in housing subsidy?
20 pizzas at $10 each. Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year.
Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig+ Xn. Calculate the equilibrium level of income or real GDP for this economy.
The country initially has no restrictions on trade and then imposes an import quota of 3,000,000 crates per year. How will this affect the price and the quantity imported? What are the welfare effec