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Suppose the following equations represent the demand and supply of a good: Qd = 400- 2P Qs = -50 + P Find the inverse demand-supply equations. Graph both the original and inverse demand-supply equations and highlight their differences (slope, intercept etc.). b. (1.5) Using these equations, calculate the equilibrium price and quantity. Suppose the government provides a subsidy ($10/unit) to the seller. Determine the new equilibrium price and quantity, and the amount of subsidy. Show them on a diagram.
What type of law protects general rights, such as religion, property, and free speech?
What is the efficient number of crabbers - suppose the government wished to promote efficiency in crabbing by requiring crabbers to purchase licenses. How much should they charge (per day) for a license?
What factors in socio-cultural segment can have significant impact on U.S. restaurant industry? How does each of these factors shape the growth and changes of the industry? What are the future trend of each factor and the resulting changes of the ind..
Sandy derives utility from consuming "all other goods," g, and clean air (measured by particulate matter removed per m3), a, as measured by the utility function U(g,a) = g0.6a0.4. What is the market demand for clean air?
Do you think this particular budget cutting policy helpful to curb the growing budget deficit.
What is the difference between maximizing firm value and maximizing stockholder wealth? Under what assumptions are the two equivalent? Under what conditions will maximizing firm value also enrich society?
Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, and the marginal product reaches zero, and the average and marginal product intersect.
Suppose that you were a dictator. Describe a law that you could decree that would eliminate or reduce frictional unemployment but would likely reduce productivity, and explain why. Describe a law you could decree that would increase frictional unempl..
Illustrate what is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 4.0 to 4.1 percent of a $14 trillion economy.
Bond rating agencies such as Moody's publish rankings of the credit quality of corporate borrowers. AAA rated corporations have the lowest level of default risk followed by AA and A the Baa, etc. Under what circumstances would the spreads between yie..
What has happened to the US Dollar exchange rate with the Euro (the currency of the European Union) over the past four years. What are the explanations for any changes? What does it mean to Americans?
How will each affect equilibrium price and equilibrium quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on the magnitudes of the shifts, will the answers be indeterminate? Demand decreases and supply is con..
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