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Consider a market where supply and demand are given by QXS = -16 + PX and QXd = 83 - 2PX. Suppose the government imposes a price floor of $36, and agrees to purchase any and all units consumers do not buy at the floor price of $36 per unit
Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 2..
Suppose that the government decides that the level of housing shown in part a(say, H*) is "substandard" and requires that all people buy H**>H* instead. Show that these las would reduce this person’s utility.
What factors affect the costs of cancer drugs? How? What is scarcity? How does the cost of medical therapy relate to the economic concept scarcity?
Suppose X - M = net exports; T - G = government sector balance; and S - I = private sector balance. What relationship exists among these variables?
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar?
Consider the utility function u(x,y)=xy. Graph the indifference curves for utility levels 1 and 2. (They are symmetric hyperbolas asymptotic to both axes.)
A perfectly competitive firm has the cost curves drawn in the following diagram. If the firm's output sells for $16 per unit, what is the firm's profit-maximizing output? Why?
The LM curve has a ___________ slope because ____________. negative; higher income is associated with a lower interest rate. positive; higher income is associated with a higher interest rate
Tucker's industrial engineers have informed management that hiring one additional worker will increase output by five units every hour
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
In a one page synopsis explain the following statement - A monopolist can control the price or the quantity sold, but cannot control both
Assume that an economy producing two products, skateboards also in-line skates, is initially in equilibrium also that skateboards also in-line skates are substitutes.
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