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Suppose in Solved Problem 7.2 that the government charges the firm a franchise tax each year (instead of only once). Describe the effect of this tax on the marginal cost, average variable cost, short-run average cost, and long-run average cost curves.
Problem 7.2
Carmen bought a $125 ticket to attend the Outside Lands Music & Arts Festival in San Francisco. Because it stars several of her favorite rock groups, she would have been willing to pay up to $200 to attend the festival. However, her friend Bessie invites Carmen to go with her to the Monterey Bay Aquarium on the same day. That trip would cost $50, but she would be willing to pay up to $100. What is her opportunity cost of going to the aquarium?
If Roger could insure himself fully against the loss and the insurance is actuarially fair. d) What is the fair premium for his risk? e) Calculate his utility gain due to insurance. f) What value for the premium (instead of a fair premium would cause..
In March, her income is cut in half to $15, but the price of books returns to $1 and the price of movies returns to $3. Draw her March budget line and shade her budget set.
In (a) sketch the graph of the given function, and then draw the tangent line at the point P. (b) Using your sketch, approximate the slope of the curve at P, (c) Use (1) to determine the exact value of the slope at P.
If she received a bonus of $20,000 in the current year only, with all future salary payments remaining as stated earlier, by how much could this consumer increase consumption now and in the future?
Assume that the consumption schedule for a private open economy is such that consumption is as follows C = 50 + 0.9 Y Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at
(a) How many people participate in the study (b) Calculate the Relative Frequency and enter the results in the above table. (c) Calculate the Midpoint for each class and enter the results in the above table. (d) Calculate the Cumulative Frequency and..
For the same mass of explosive, what is the ratio of the energy released in a nuclear explosion to that released in a TNT explosion
Using the information in the table below, calculate the real exchange rate between the nations of Nordamer and Sudamer (the nominal exchange rate is the number of Nordamer dollars that can be purchased with one Sudamer dollar)
Assume that Asahi and Kirin will not play the dominated strategy you identified in part (c). Having eliminated this dominated strategy, determine whether Asahi and Kirin now have a dominant strategy. e) What is the Nash equilibrium in this game?
The demand for bottled water in a small town is as follows: Price per bottle Quantity demanded $1.00 500 $1.50 400 $2.00 300 $2.50 200 $3.00 100 Calculate the price elasticity of demand for bottled water for a price rise from $1.00 to $1.50.
What are the components of aggregate expenditures?
Chris and Pat like both beer and pizza. Chris views pizza and beer as perfect one-to-one substitutes. Pat believes that beer and pizza are perfect complements, and always consumes them in one-to-one proportions.
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