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Presidents like to take credit for good economic performance. If there are lags in policies, explain why presidents may not deserve all the credits (or blame) for economic policies.
What is the duopoly Cournot equilibrium - that is, the quantities produced by each firm - if the market demand function is q(p) = 1000 - lOOOp, and each firm has a cost of $0.28 per unit?
For each of the situations below use supply elasticity to explain the how the equilibrium price and quantity change. (a) The demand for collectable baseball cards from the 1950s increases. (b) The demand for silver decreases. (c) In the long run, the..
It was reported that the price of kerosene heaters skyrocketed and the number purchased increased during this time.
Suppose that a monopolist faces the demand curve: Q=a-bP, where a and b are constants. Show that his marginal revenue curve is given approximately by the equation: MR= a - 2Q/b
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your No Haggle sales policy. Last year, your dealership earned record profits of $1.5 million. What price should you charge for a midsized automobi..
Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract.
Which of the following statements is NOT a null hypothesis? Jason wanted to study the affect of drinking on test performance. He assigned one group of people to have a beer before writing a test and another group to have a glass of water before writi..
Suppose that the average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will the household be better or worse off under the new program?
Donald is a stamp collector. The only things other than stamps that Donald consumes are Harold’s doughnuts. It turns out that Donald’s preferences are quasilinear, represented by the utility function U(d, s) = ln d + s, where d is the number of dough..
You are the oil minister of one of 5 key OPEC countries. The world demand for oil can be reduced to Q = 100 – p and therefore p = 100 – Q (where p is dollars and Q is in millions of barrels/day). You are considering cheating on the rest of the cartel..
The production function for Hogwarts Remover, an anti-magic potion, has the form Q = K 0.5L 0.5 , where Q is in bottles per period and K and L are in machine-days and labour-days per period, respectively. a. Graph the unit isoquant (Q = 1) and the is..
If both nations reduce trade barriers and again begin to trade but now N1 exports goods into N2, but N2 has little to export into N1, what will be the nature of capital and labor flows between the two nations? Explain your reasoning.
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