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If the two functions from questions 1( MB(q)=320-18q ) and 2 ( MC(q)=20+6q ) were demand and supply functions:
(a) Plot both functions on one graph.
(b) Show (i.e., calculate algebraically, brie y showing your steps) what the equilibrium price and quantity would be.
(c) Calculate total economic surplus associated with the crude oil market and indicate how much of this surplus accrues to consumers and how much to producers.
During the period of time that a local university takes phone-in registrations, calls come in at the rate of one every two minutes.
How is this going to involve prices in the marketplace for New York City. Create sure to provide appropriate economic terms in your answers.
Conclude by choosing a position for or against ethnicity-based jury nullification and defend your decision.
Why do you believe that it is important for managers to understand both short run and long run supply and demand? Cite one hypothetical or real life example that illustrates your response.
In which directions are they pushing or pulling the U.S. economy. Also, do you think the gap between real GDP and potential GDP will widen or narrow.
Because health insurance tends inevitably to cause moral hazard, will the population necessarily be over insured (in the sense that a reduction in insurance would improve welfare)? Are there beneficial factors that balance against the costs of welfar..
Pat and Chris brew beer and make pizza. Pat takes 4 hours to brew a gallon of beer and 2 hours to make pizza. Chris takes 6 hours to brew a gallon of beer and 4 hours to make a pizza, what is each persons opportunity cost of making pizza?
Macroeconomics: How does government borrowing crowd out investment? What is the relationship between government borrowing and budget deficits?
Maria is a hostess at a local restaurant. When she earned $8 per hour, she worked 35 hours per week. When her wage increased to $10 per hour, she decided to work 40 hours. However, when her wage increased again to $12 per hour, she decided to cut bac..
The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
What are the main causes of international financial crises? How can they be resolved? How can they be prevented?
If interest rates differ between two countries, it is an indication that the financial markets are not in equilibrium, and that investment flows should be taking place between the two countries. Agree? Disagree? Explain.
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