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How do I calculate producer and consumer surplus from this information? :
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon.
This is a 33% increase in price from January 2008.
During that time, the total quantity of gasoline purchased fell by 3%.
Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels.
No viable substitute has been created to replace gasoline.
Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, ..
Which partner has the comparative advantage in cake baking? Explain. Plot their combined PPC, including the number of cakes and pies at each of the three corners.
The demand curve for Widgets is given by QD = 6000 - 2y - 200p + 30pG, where QD is the quantity of widgets demanded, y is the per capital income and pG is the price of Gizmos. An increase in per capital income will cause A) demand shifts left. Can yo..
Mom belongs to a dealer's association and the members have kept careful records of how the forecaster has performed - Once she gets the forecast she can proceed with her decision as place a big order or a small order.
A firm scaled up its operation by increasing all inputs by 100%. If the firm experienced 150% increase in the output, the firm's long-run average cost exhibits:
Identify which of the following are discrete decisions and which are extinct decisions. Decide whether to expand an existing product into a new region. What discount should be given on products during the upcoming holiday sale? How should you do it? ..
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. In your market, you compete against two other deal..
An unnamed economist enjoys drinking beer while watching the tv show, Game of Thrones. What do we call the relationship between 12 oz and 16 oz bottles for this economist? In the commodity space for 12 oz and 16 oz bottles of beer, draw 3 of this eco..
Annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption, investment, government spending, exports and imports. Estimate changes in economic growth and in the component shares.
Look at the able Demand Schedule for Gadgets. The market for gadgets consits of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. If these two producers formed a cartel and acted to maximize total ind..
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
Describe partnership contributions and distributions. Please include information on the taxability of partnership contributions and distributions and how the IRS has created various elections to counterbalance or minimize the uneven effects of certai..
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