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In a particular town there are 100 cars and 50 motorcycles. Each car owner has a demand curve for petrol given by: Qdc = 20 - 5p for p less than or equalto 4 and Qdc = 0 for p > 4. Each motorcycle owner has the following demand function for petrol: Qdm = 15 - 3p for p lessthanorequalto 5 and Qdm = 0 for p > 5. Prices are expressed as SR per gallon, and quantities as gallons per week.
If the price is SR 3, how many gallons of petrol per week are bought by (i) each car owner and (ii) each motorcycle owner?
The generalized demand and supply functions for good X are Qxd = 100 – 2PX + 0.01M + 8 PY - 4Pz Qxs = 50 + 3PX – 6PI + PT Where Qxd = quantity demanded of good X Px = price of good X M = consumer income PY = price of good Y Pz= price of good Z Qxs = ..
Suppose the tax rate is 10% on the first $20,000 of taxable income, then 25% on the next $30,000, then 50% on all taxable income above $50,000. The government also provides a $4,000 exemption per family member. Compare the average tax rates for Ben’s..
Assume you and your roommate have started a bagel deliver service on campus. List out some of your fixed costs and discuss why they are fixed.
The questions on this homework deal with an economy called Economica. Calculate the economy-wide currency ratio. Because precision is very important with the multiplier and its components, round your final answer and any intermediate steps to THREE d..
Using our best data-based guesses about real-world elasticity, the demand for loanable funds curve is probably rather ______________ and the effects of crowding out are likely to be ___________. The theory of Ricardian equivalence
Game Theory (Stag-Hunt Game): N players go hunting; each can choose to hunt either stag or hare, so the set of actions available to each player is {S,H} (S stands for hunt stag, H stands for hunt hare). If all N players hunt S, then each gets payoff ..
Which of the following arguments strengthen the idea of floating exchange rates? A. Trade deficits can be corrected through changes in exchange rates. B. Changes in exchange rates will not impact the trade balance in the country. C. Governments shoul..
Given the current situation in many African countries, do we see the Tragedy of the Commons occurring? Consider not only how the “tragedy” is impacting the current population but also how hit may be devastating to coming generations. Give examples an..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 100 - 0.5P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
How does gated content relate to intellectual property rights in a digital world? Explain the economics and ethics involved.
Suppose the price is currently $2. Illustrate what problem exists in the economy. What would you expect to happen to price.
Explain (but don't demonstrate) how a union might cause an increase in employment in the unionized occupation. Also, explain (but don't demonstrate) how this might, in this case, affect wages in related non-unionized occupations.
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