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The expected amount of damage would be $100,000. Using the Hand Rule, did Mr. McGroo meet the burden of care expected of him? In other words, did he adequately prepare for such a fire in terms of th
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?
In this case, the government sets the support price ps=4. Calculate the original market equilibrium price and quantity in absence of the price support policy.
Consider the values in the following table for the Winsome Widget Factory. Identify the point of diminishing returns. Why do diminishing returns occur?
How much is the deadweight loss? Draw a diagram and show the initial equilibrium, new price and quantity with the price floor and identify the area of deadweight loss in the diagram.
find the relevant economic data of this country (GDP, Unemployment, Inflation, etc.). As an economist, analyze the current economic situation in the country and offer any monetary.
Then sells the Central Bank a Treasury bill for $9,000. How much does this bank now have to lend out if it decides to hold only required reserves?"
Explain the difference between Macroeconomics and Microeconomics. Also explain how economics is used as a social science and as a policy tool.
Why were the members of OPEC trying to agree to cut production? What does the phrase "do their share" suggest about OPEC's desired relationship with Norway and Britain?
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908? How does the taxation change if the income was $220,874?
Find the Nash equilibrium prices for the two diners. How many breakfast club memberships will each diner sell in Nash equilibrium? How much profit will each diner make?
The product in exchange for 50% of their cost savings. Describe the information asymmetry, the adverse selection problem, and why soft selling is a successful signal.
Calculate the new supply of dollars at each exchange rate and graph the new supply curve. What is the new equilibrium exchange rate given the original demand for dollars.
Calculate the new demand for dollars at each exchange rate and graph the new demand curve. What is the new equilibrium exchange rate,given the original supply of dollars?
The 1973-75 recession was caused only in part by increases in oil prices per se. Does the aggregate demand-aggregate supply model support Bernanke's thesis?
What would happen if a law passed dictating that kindergarten teachers could make no less than $100,000 per year?
Rather than an ad valorem tax, what is the government's revenue from a specific tax of t imposed on the monopolist? Your answer should be in terms of ‘t'.
If the government imposes a binding price ceiling for coal at a price that is 20 percent below the market equilibrium price, what is the impact of this policy on the market quantity?
If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
"Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs." Most economists realize this argument is wrong. Can you explain why?
The selling price at each stage in the production of a 5-pound bag of flour sold by your local grocer. Calculate the final market value of the flour.
Given the flowing annual information about a hypothetical country, answer question a through d. What is the value of net domestic product?
Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment: