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Robinson's demand for pineapples is given as Q = 40 - 4P while Friday's is Q = 20 - P. Supply is given as Qs = 6 + P, and Pc = $1.
Find equilibrium price, equilibrium quantity, and the amounts Robinson and Friday will both end up consuming.
Then- suppose Rob and Fri are actually dealing with a public good like fireworks (# of rockets) and they must consume the same quantity. Efficiency requires Robinson's willingness to pay + Friday's willingness to pay must = MRT. What is the new efficient Q, and what will Rob and Fri now each be willing to pay?
As we discussed, there are many different interest groups that exist in the United States today. For this activity, you will choose one such group and do some research to figure out what it does and how it does it. Research the web and other resource..
ZZ Tire Company started as retail installer of tires on cars 10 years ago. They now have 400 retail stores, installing about 10,000 tires per store per year and selling a total of 4 million tires. 5 years ago, they decided to start manufacturing thei..
The Employment and Training Administration reported that the U.S. mean unemployment insurance benefit was $238 per week. A researcher in the state of Virginia anticipated that sample data would show evidence that the mean weekly unemployment insuranc..
david gets 3 per month as an allowance to spend any way he pleases. since he likes only peanut butter and jelly
Go to the St. Louis Federal Reserve FRED database and find data on the M1 money supply (M1SL) and the 10-year Treasury bond rate (GS10). Add the twi series into a single graph by using the "Add Data Series" feature. Transform the M1 money supply vari..
Make the assumption that an economy has no external effects and all actors are perfectly informed. In addition, one good is produced by a firm who is a non-discriminating monopolist (known as Frontier Firm).
What price are individuals with $5,000 in the bank willing to pay for the insurance. Will those with $5,000 in the bank voluntarily purchase insurance.
Define economic growth, and explain what it means in terms of standards of living. Explain how a technological advance can contribute to economic growth. Why do institutions such as private property rights promote economic growth?
Based on the production function parameter estimates reported in Table 7.4: a. Which industry (or industries) appears to exhibiting constant returns to scale? (Ignore the issue statistical significance.) b. Which industry comes closest to exhibiti..
Should the company buy or lease the fleet of trucks that it uses to transport it's products to market?
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
Sheryl spends all her leisure time and all her money on sailing. She doesn’t value leisure time if she can’t sail, and she can only sail if she has leisure time. How many hours will she work if she earns $20 per hour? Find a formula for her labor sup..
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