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In a crowded city far away, the civic authorities decided that rents were too high. The long-run supply function of two-room rental apartments was given by q = 17 + 4p and the long-run demand function was given by q = 304 – 5p, where p is the rental rate in crowns per week. The authorities made it illegal to rent an apartment for more than 27 crowns per week. To avoid a housing shortage, the authorities agreed to pay landlords enough of a subsidy to make supply equal to demand. How much would the weekly subsidy per apartment have to be to eliminate excess demand at the ceiling price?
a. 5.50 crowns
b. 8 crowns
c. 11 crowns
d. 22 crowns
e. 16.50 crowns
Which slope is greater when there is a corner solution? Slope of the indifference curve or slop of the budget constraint? Explain. Suppose a teenager is interested in buying a car that has a very good look. Draw the indifference curve for safety and ..
Use your own example in order to illustrate these concepts. Can the marginal utility from a product be negative? If yes, give an example.
After that Dewey's opportunity cost of producing one bushel of corn is 1/2 yard of cloth.
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If the price elasticity of demand in the United States for American-made luxury cars is 1.9, what is the impact on revenue if the price increases by 10%?
The first national bank received 3,000 inquiries following the latest advertisement describing its 30-month IRA accounts in the Boston World, a local newspaper. Assuming that additional ads would generate similar response rates, is the bank running a..
Eddies precision shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. Eddie uses a MARR of 15 perce..
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