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Consider the following equation relating percent share of the vote that the incumbent candidate gets in an election to campaign spending in an election cycle.
Assume that Betsy’s utility function is given by equation U=Y0.3 where Y is measured in thousands of dollars. Betsy’s current job pays her $20,000 (Y=20) per year and she can earn this a
What is the profit maximizing level of advertising? Describe.
Calculate consumer surplus and producer surplus. Imagine if there are no trade barriers and world price of corn is $4, confirm that the country would import corn.
Suppose that the probability of the opposition being of a high type is 1/2. Voters vote for the government with the highest probability of being of a high type What is the probability the incumbent
Over this price range what was the elasticity of demand for this newspaper?
Calculate the annual cost to the entire industry from the closures.
Graph the total benefits and total costs functions on the same graph (again, feel free to cut and paste from Excel or a similar program).
What is the firm's revenue-maximizing levels of price (P), output (Q), and profit (r)? Which of (b) or (c) is better?
Referring to the table below and by using the Rule of 70, comment on long-term changes in the standard of living in the United States?
Now suppose that government spending is increased by $12 billion. That would (increase or decrease) the level of income by how much?
Suppose That Turbo has preferences that can be described by the following utility function.
What is optimal level of provision of this good if it can be produced at the constant marginal cost of $80 per unit.
By using the midpoint method, compute the price elasticity of demand when the price of an ice cream cone rises from $3 to $4. What does this estimate imply regarding the price elasticity of demand f
Why is the Long-Run Aggregate Supply Curve a vertical line; that is, why is long-run aggregate supply not influenced by the price level?
Determine the T-account of the banking system look like when the banking system is in equilibrium? What will occur to checkable deposits
In the short-run, a firm facing competitive input and output markets should shut down if the market wage is greater than the MRPN. Assume that labour is the only variable input.
Draw a diagram representing her budget illustrating and constraint her optimal option of leisure and consumption. Ensure she chooses to supply a strictly positive amount of labour.
An economy has only one member Robinson Crusoe. Robinson allocates his time between fishing and collecting fruits.
Suppose a firm’s budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital.
Write down the relationship between the interest rate and bond prices.
Hypothesis the basic short-run and long-run behaviours of the airline industry in the market economy.
Suppose that you will spend your entire $20. Write down your budget constraint. You may simply write out the equation or draw the budget line. You don't need to do both.
This writing assignment is intended to give you a chance to apply concepts to real economic situations. Think of these concepts (markets, elasticity, production, costs, market structures).
Consumers purchase a house or multiple dwellings for a number of reasons. But what is the rationale behind their decision to buy and/or sell a house, flat or apartment?