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The most you would be willing to pay for having a freshly washed car before going out on a date is $15. The smallest amount for which you would be willing to wash someone else’s car is $12.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from washing it? Explain and show your work.
What are some of the benefits of greater National Government authority as opposed to allowing states more sovereignty with an increase in state responsibility? Think about issues like federal health care mandates for states' citizens or immigration l..
How can price and income elasticity measures be used by businesses to help maximize their sales revenue during an economic downturn?
What is consumer surplus and producer surplus? Create a diagram to explain your answer. On the same diagram, show what happens if a limit is imposed on the amount of a good that can be sold in the marketplace
This means that an individual firm's marginal cost is given by MC = 4q.Also, the market demand is given by how much output will each of them produce?
How can being a member of a nutrition organization/association that promotes the organic food movement, on a professional level enhance the career of a practitioner in the nutrition field?
Elle's preferences over apples (A) and bananas (B) are represented by the Cobb-Douglas utility function; u(A; B) = AB. Write down the optimization problem. What is the objective function? What are the choice variables? What is the constraint? What a..
From an economics perspective, would you prefer your residential water supply to be provided by a monopolist or a purely competitive firm?
At the height of the popularity of high protein diets like the Atkins diet (which encourage larger consumption of meat products at the expense of carbohydrates and sugars), what kind of effect did you expect to see on the equilibrium price and quanti..
Some remedies and preventive measures have been put forth to slow or forestall currency crises, such as capital controls and intermediate regimes (i.e., fixed or floating exchange rates). Discuss these measures and comment on whether they would be ef..
Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set.
The median household income in Louisiana is approximately $52,000 per year, while the median household income in Massachusetts is about $79,000. However, suppose the growth rate of per capita real GDP in Louisiana is higher than in Massachusetts (3% ..
Ethanol or ethyl alcohol is a motor fuel produced from sugarcane, corn or other sugar based feed stocks. In the United States, where ethanol production uses corn as feedstock, the Energy Policy Act requires that a minimum quantity of renewable fuels ..
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