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Suppose that consumer’s utility is described by the following function: U(x;y) = x2y, where x is the amount of good X that the consumer consumes and y is the amount of good Y that the consumer consumes. Consumer’s income is 360 euros. Suppose that the price per unit of good X is currently 6 euros and the price per unit of good Y is currently also 6 euros. Suppose that Government is planning to introduce a tax per unit of good Y, which will result in an increase of the price of good Y from 6 euros to 12 euros (for the consumer). Suppose that the price of good X will not change. Find the minimum compensation (compensating variation), which Government should pay to the consumer (in case of such policy) if it wants to maintain the consumer’s well-being at pre-policy level.
Homer's boat manufacturing has a monopoly on boat sales in the region. Homer's marginal cost of the 8th boat produced is $1,200. He produces only eight boats and can sell all eight boats for $1,500. The elasticity of demand at this price is -2. Is..
Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences manager..
Suppose that Charles, an economist from an AM talk radio program, and Dina, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate:
Illustrate what an identification and discussion of economic issues of special concern at the present time or in the future.
List and discuss the five key elements of the airport master planning process. What is a SWOT analysis? Why is it important for planners to first go through this analysis before planning?
Suppose a company demands function is Qd=220-5p a. At what quantity is the company total revenue maximized? b. What is the company's maximum total revenue? c. what is the company marginal revenue when its total revenue is maximized? d.What is the com..
Assume the operations manager at the company you own prefers to put in low effort rather than high effort. In order the manager to exert high effort, his expected financial gain must be at least $60,000 higher than if he puts in low effort. How would..
How many major wireless phone handset manufacturers are there?
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
Suppose a bank will pay you a 10% interest rate on your deposits for 1 period. In this case you must sacrifice $10 of current consumption to finance. One thousand dollars given to you a year from now is worth __________ to you today if the relevant d..
Explain why such an amendment, if strictly enforced, would force the government to enact a contractionary fiscal policy whenever the economy experienced a severe recession.
In order to just break even, Elucidate how much will the company have to charge for every set.
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