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Suppose Betty's demand for physician visits is Q = 10 - (0.20 * P)
a. Draw Betty's demand curve
b. What is the quantity demanded at a price of $10 per visit? $25 per visit?
c. At what price will she buy four visits? Eight visits?
d. What is the elasticity of between a price of $5 and $6 per visit? Between a price of $29 and $31?
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 5 percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real interest rate?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Find the velocity given that the market is in equilibrium. MD1 is the relevant curve and it is given that the real GDP is 30,000.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
How income may change savings behavior
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
Use diagram to describe how each of the following events affects the equilibrium price and quantity of pizza (draw a separate diagram for each event)
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