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Given the following demand and supply curves: (a) Qd = -P+10 and (b) Qs = P. Calculate the inverse demand function (provide below) and graph the two lines. Calculate and label the Consumer Surplus and Producer Surplus in a perfectly competitive market.
“If the assumptions of the median voter model hold, then using majority voting to determine the amount of a public good purchased by a city will lead to either an efficient level of the public good being provided or an under-provision of the public g..
The demand function for a firm’s product is Q = P-3. The firm’s marginal cost of production is constant at MC(Q) = 12. (a) Calculate the elasticity of demand, as a function of Q. what is the firm’s profit-maximizing price? what is the firm’s profit-m..
Using a demand function of P = 7 – 2Q and a supply function of P = 4 + Q, and when adding an unit excise tax of $1.50, determine the following: Who really bears the burden of this tax? I. Consumers II. Producers or III. Both. How much of the tax burd..
For many years, the overall economic policy of the United States has been a balancing act between fiscal policy and monetary policy. How does this policy affect the economy? How does this policy affect inflation, the economy?
Adam Sandler has a utility function U(C, L) = C1/3L1/2. The wages now available to him are $9/hr. Non-wage income in royalties are $6 a day. Find the MRS for Leisure to Consumption to find the optimal ratio of Leisure to Consumption. Write out and dr..
Elucidate what happen in the short run to market supply and demand curves, market price, the firm's output, the firm's profit.
The wage elasticity of labor supply for women aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual chara..
A health insurance company knows that there are two types of customers (smokers and non-smokers), each facing different health risks. Explain the problem of “adverse selection” and the problem of “moral hazard.” Give one example of a market in which ..
Hardwig Inc. is considering whether to pursue a restricted or relaxed current asset investment policy. The firm's annual sales are expected to total $5,200,000, its fixed assets turnover ratio equals 4, and its debt and common equity are each 60% of ..
How does the taxation change if the income was $220,874? How does this variation affect people and corporations? Use the graph functions of Word or Excel to assist you-You will need two graphs
A company can earn 6% on their investments. How much should the company invest today to be able to fund two $2,500 projects each year for the next 10 years?
A farmer who grows organic corn is at risk of having his crop contaminated by genetically modified corn grown by his neighbours. In Silveiras, Brazil, queen ants are regarded as a delicacy, but recently the ant haul has been dwindling because of pest..
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