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In February 2012, she sold all the cards for a total of $800. What are the contributions of these transactions to GDP in 2011 and 2012?
How might you capture additional profits using a more sophisticated pricing policy that does not involve capturing more of the consumer surplus. Explain.
How do you think the basket of goods and services you buy differs from the basket bought by the typical household?
The other has a long-run cost curve of 10 +y2/10. If no new firms enter the industry, at which prices will exactly one firm operate?
A typical gasoline retailer enjoys sales of $1,450,000 annually. What is the price elasticity of demand for a representative gasoline retailer's product?
What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources? What happens to the value of resources when losses are present?
Draw a production possibilities frontier between beans and peas which exhibits increasing opportunity cost. Label the unattainable points.
In the same graph, illustrate the consumer's opportunity set when the price of good X increases to $20. How does this change alter the market rate of substitution between goods X and Y?
Suppose the input price of labor falls to $18. Determine the new least-cost input amounts in the long run. Provide an intuitive explanation for the change in inputs caused by the lower labor price.
For which type of treatment would you set a higher coinsurance rate if your only goal is to reduce the moral hazard problem?
Will insurance, which provides full coverage, arise in this market? Explain your answer (if yes, then quote the actuarially fair premium; if not, explain why not)
the costs of the program had grown so much that the state began cutting benefits, tightening eligibility, and cutting its payments to physicians. Explain why this outcome was predictable.
A health insurance company offers a policy that will cover all medical expenditures due to sports injuries at the premium of $4,000 per year. What is Sally's expected utility without health insurance
Then, each country agreed to specialize in the production of the good in which it has a comparative advantage and trade 7 units of cheese for 2.5 uints of bread. As a result, England gained.
if the real interest rate is zero and you expect to retire at age 59. what is the maximum you should be willing to pay in tuition to attend this professional school?
For the consumer price index values shown, calculate the rate of inflation in each year from 1930 to 1933. What is unusual about this period, relative to recent experience?
The firm sells each computer for $640. How many hours should the firm employ Pam to maximize its benefit from her employment?
While the period of analysis is 5 years, the alternative only provides benefits for the last 4 years. Calculate the uniform annual cost.
Determine the equilibrium price and quantity. Show the equilibrium graphically. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
Assume that this change does not result in the loss of customers. Which method did the company employ to protect their core pricing?
Suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run.
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities.
Mitsubishi's smallest car is ¥950,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output.
In order to pay for those expenditures, Congress also approved a $100 billion increase in individual income taxes. Will these actions by Congress expand or contract the economy or are they just usel
Then to test the judge's fairness in selecting women, what null hypothesis should be? What alternative hypothesis should be?