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The demand and supply curves in the market for college education determine the equilibrium price and quantity of education. Assume the student for college education is given by Dstu = P = 9500 – 500Q and the cost to society to of providing a college education or the social supply curve is given by Ssoc = P = 3500 + 1000Q; where P is the price of tuition per year and Q is the average number of years of college attendance. (a) Assuming the market for education is private, what is the equilibrium price of tuition and equilibrium quantity of education consumed? Solve numerically and show in a diagram. (b) Suppose that each year of college provides external benefits equal to $4500. The social demand would be Dsoc = 14,000 – 500Q. What is the socially optimum average number of years of college? What tuition must be charged to supply that quantity? Solve numerically then show in the same diagram as in (a). (c) What dollar amount of subsidy will lead to social optimum? Solve numerically then show in the same diagram as in (a)?
An investor buys a 4.5% 20-year bond with a face value of $10000 for $11386.05. If the purchaser holds the bond to maturity, what is the effective annual ROR compounded semi-annually?
A monopolist with a straight-line demand curve finds that it can sell two units at $12 each or 12 units at $2 each. Its marginal cost is constant at $3 per unit. Given the demand curve, draw the MR, and MC curves for this monopolist.
Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- or long-term productivity in the United S..
Mcdonalds spends millions of dollars each year on legal protection of it's brand name, thereby preventing any unathorzed use of it. Explain what information this conveys to you as a customer about the quality of Mcdonalds products
Explain the difference among the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
First Printing has contracts with legal firms in San Francisco to copy their court documents. Daily demand is almost constant at 8,500 pages of documents. The lead time for paper delivery is normally distributed with a mean of 2 days and a standard d..
Under what conditions would WTO allow countries to impose (practice) the following (be specific)?
Using the concept of opportunity cost also PPF explain the phrase affluence tomorrow requires sacrifices today
If as price decreases by 10 percent, total revenue increases by 5 percent, what is true about demand? In 2014, India substantially increased its import tariff on sugarcane. Which of the following would the model of supply and demand not predict?
Why do economists argue that an emissions tax is a more efficient way to reduce pollution than an environmental standard?
After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now.
Chelsey is a mother of two and buys her kids\' favorite, Kraft Macaroni and Cheese, when the price of Kraft is the same as the price of the store brand stuff. But when there is any price difference, she buys the cheaper product.
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