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1. Assume that Crystal's demand for handbags remains constant, but the price of handbags increases. Crystal's consumer surplus_________.
a. decreases
b. increases
c. remains constant
2. Consumer surplus can be defined as the ____________.
a. value a consumer received from a good minus the price paid for that good
b. actual amount paid for a good minus the benefit of using that good
c. marginal utility of a good divided by its price.
Demand and supply of certain resources in Australia and factors other than price which affect demand and supply
Assume the required reserve is 10% and the capital requirement is 5%, does this bank meet the regulation on reserves and capital? Suppose that 5% of loan is written off (loan cannot be collected). Does this bank still meet the regulation on capital?
Consider the following game between player 1, who chooses among strategies U, M, and D, and player 2, who chooses among strategies A, B, and C. Why is this normal form representation different from others in the chapter? The most reasonable predictio..
In relating to page 256 that Sears might deliberately damage its white appliance goods. Then why do you suppose that many doctors happily take on senior patients who pay less per visit than you I and I might pay? Who might come more often to see the ..
We can modify the inter-period allocation model to deal with the issue of intergenerational allocation of resources. Suppose a generation is thirty-five years, and we are concerned with only two generations. Draw a demand and supply graph showing the..
Fiscal policy is most effective in controlling inflation when the economy operates in the _____ region of the aggregate supply curve.
After a boat rescues everyone else from Gilligan's Island, the Professor and Gilligan remain behind, afraid of getting shipwrecked again with the same bunch of people. The Professor grows coconuts and catches fish. Last year he harvested 1000 coconut..
My Big Banana (MBB) has a monopoly in Middletown on large banana splits. The demand for this delicacy is given by Q = 80 − P. MBB’s total costs are given by TC = 40 + 2Q + 2Q2. Its maximum monopoly profit is:
The price elasticity of good Y is -1.46. The advertisement elasticity of demand for good Y is 3.53. And these two elasticities are assumed to remain constant over the planned price and advertisement changes.
Discuss/justify the following statement: “When a change in a country’s nominal interest rate is caused by a rise in the expected real interest rate, the domestic currency appreciates. When the change is caused by a rise in expected inflation, the cur..
This question considers long-run policies in Turkey (T) relative to its largest trading partner: Europe (E). Assume Turkey’s money growth rate is currently 15% and Turkeys output growth is 9%. Calculate the expected rate of depreciation of the Turkis..
Fiscal policy is. The crowding-out effect stresses that
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