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Suppose a demand function is given by x(p). Then, elasticity of demand at p is -p d/dx logx(p). Using this, compute the elasticity of demand when x(p) = ap^-b, where a, b are positive constants. (We use notations ln and log interchangeably).
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 = 130 - 0.25P, and the marginal cost of production is $160. Determine the optimal number of units to put i..
What does the Taylor rule imply that policymakers should do to the fed funds rate under the following scenarios?
Suppose that the International Monetary Fund (IMF) is concerned about currency depreciation in a small open economy. Use the basic version of our exchange-rate model for your answers. Illustrate graphically the impact of the IMF proposal on the excha..
Is limitless growth really possible? What forces do you think will be most important in slowing or halting economic growth?
The market wage rates for left-and right-handed workers are $10 and $15 per worker, respectively. The value of the marginal product of labor is 20 – 0.5L, where L is the total number of workers (it doesn’t matter if they’re left or right-handed). Wha..
What are the MPC and APC all about? Compare and contrast these concepts? is it better to have a high propensity to consume or lower? Which people fit the high versus the low category?
10 consumers, ranked by their value for a network product v = 1...10, are deciding whether to connect to the network. If there are n people on the network, including oneself, then a consumer's willingness to pay equals n x v. What is the highest pric..
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your products is better than the competition, the government purchasing agent views the products as identical and purchases fr..
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 8, with the first withdrawal of $1000 with subsequent withdrawals decrease at the rate of 5% over previous year’s withdrawal? The interest rate..
Lizzy Richardson’s home in New York City was recently gutted in a ?re. Her living and dining rooms were completely destroyed, and the damaged personal property had a replacement value of $35,000. The average age of the damaged personal property was 5..
What government policies are available to reduce domestic demand in the medium run. Identify which components of domestic demand each of these policies affect.
Assume that that students and nonstudents have revealed their group demands for junior college education, a public good, as follows: Q = 1,500 – 0.25P, (Student demand) Q = 4,000 – P, (Nonstudent demand) where Q is the number of students educated per..
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