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Assume that that students and nonstudents have revealed their group demands for junior college education, a public good, as follows: Q = 1,500 – 0.25P, (Student demand) Q = 4,000 – P, (Nonstudent demand) where Q is the number of students educated per year and P is the price of tuition at the local 2–year junior college.
1. Calculate the aggregated demand for college education.
2. Assuming, MC = 1,000 + Q, the marginal cost of college education, determine the socially optimal amount of publicly-supported college education (hint: Demand = Supply).
Hulk goes to the gym 20 times a month. His income is $1000 per month and his visits to the gym cost $4 per visit. For simplicity, assume all other goods that Hulk consumes besides the gym costs $10 each. Assume Hulk exhibits diminishing marginal rate..
What must it be? Can you think of any way of justifying such a value for this parameter? How else might you explain the large difference in income between Richland and Poorland?
What was the absolute amount of increase in real income? - Make your calculations of the percentage change in real income and the absolute change in real income using the approximation formula and using the more precise method with index numbers.
A bank has $100 million in excess reserves that it wishes to lend. Through the lend-spend-deposit cycle, by how much could the money supply theoretically expand?
Suppose that the equilibrium wage in industry A is $39,000. Industry B is riskier with workers having a 6% greater chance of dying on the job; the wage in industry B is $59,000. What is the implied valuation of a life year?
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
Which curve shifts, and in what direction, when the following event occur in the domestic car market? a) The U.S. economy falls into a recession. b) U.S. auto works go on strike.
Give example of a particular trade deficit from your own experience, commenting on how the trade deficit affected strategic decisions for a firm. Discuss how the economic recession we've experienced has affected the U.S. trade position with key count..
Have you thought about starting your own business? What opportunities seem attractive? What type of financial resources and personal skills would you need to launch a new business? How would you obtain these financial skills and personal resources?
A manager from a developing country is overseeing a multinational's operations in a country where drug trafficking and lawlessness are rife. One day, a representative of a local "big man" approaches the manager and asks for a "donation" to help the "..
An economy has $72, to divide between Hamlet and Ophelia. What are the Pareto efficient allocations of the $72? Calculate the allocation of money that maximizes utilitarian social welfare. In that allocation, what is the maximized value of social wel..
What statistic is designed to detect multicollinearity in a regression model?
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