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Consumer Reports. You want to buy a used car, specifically a 1999 Zephyr. According to Consumer Reports, half the 1999 Zephyrs now on the road are lemons, meaning they break down frequently and generate large repair bills. Consumers are willing to pay $2,000 for a lemon, but $5,000 for a plum. According to Ms. Wizard, The equilibrium price of used 1999 Zephyrs will be $2,000 in Sourland but $2,600 in Sweetland.
a. Illustrate with a complete graph for each market.
b. What is the fundamental difference between the two markets?
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
An economist has predicted that for the next 5 years the U.S. will have an 8% annual inflation rate, followed by 5 year at a 6% inflation rate. this is equivalent to what average price change per year for the entire 10-year period
Moe's income is $320 per week and he spends it on two goods, X and Y. Good X costs $8 and good Y costs $4 per unit. His utility function is U = 4.5XY. (a)Calculate Moe's utility-maximizing purchases of X and Y.
Derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
What does saying that a currency is overvalued mean? Why is an overvalued currency a problem? What can a country do about an overvalued currency?
Suppose that an economy has the Phillips curve p = p-1 - 0.5(u - u^n), and that the natural rate of unemployment is given by an average of the past two years' unemployment: u^n = 0.5(u-1 + u-2).
A mega agricultural operation is considering the purchase of a new tractor. 1. Which tractor is better using the Net Present Worth (NPW) method 2. Which tractor is better using the Internal Rate of Return (IRR) method
A country with a civilian population of 120000 (all over age 16) has 100000 employed and 10000 unemployed persons, of which 5000 are frictionally unemployed and another 3000 structurally unemployed.
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is F(L,K)=L^1/2*K^1/2 What is the Marginal product of labor (MPL)
Using cash flow analysis determine the best currency option in which IBM should invest. Be sure to show your complete calculations of the annual return on each investment at the end of the three-year term.
firm had demand function given by Qd=1000-10p. Its cost function given by C= 150 +20 Q A- write an equation for the inverse demand function. B- write an equation for the profit function C-if the firm wants to maximize its sales revenue.
consider an industry with a dominant firm and several fringe firms. assumes that this is a free-entry industry. a dominant firm given by C(q)=800+20q+q^2. The fringe firms all have the same variable cost as the dominant firm, but doubled fixed cos..
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