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Three individuals have $1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9a0.1. The price of gum is $9 and the price of cigarettes is $12. What is the market surplus/shortage at a price of $12 when the supply of cigarettes is 5?
There will be a surplus of 2/3 cigarettes.
There will be a surplus of 3 cigarettes.
There will be a shortage of 3 cigarettes.
There will be a shortage of 2/3 cigarettes.
Two countries, France and the US produce just one good – chicken. Suppose that the price of beef in the US is $2.80 per kilogram, and in France it is 3.70 EURO per kilogram. According to PPP theory, what should be the $/EURO spot exchange rate? What..
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..
Our recent recession seems to demonstrate again that expenditures and incomes depend on each other. If markets do not self adjust, how can a decline in spending lead to a negative process that ruins an economy? (Consider referencing the "Keynesian Cr..
Read "American Airlines," located in Chapter 24 of the textbook, Managerial Economics: A Problem Solving Approach. American Airlines announced a new pricing strategy that they believed would address concerns and benefit the company. Conduct further r..
Compute nominal GDP, real GDP also the GDP deflator for each year, using 20010 as the base year.
sales in joint facilities are lower than sales in two separate facilities. Elucidate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
The ABC Company manufactures digital clock radios and sells on average 3,000 units monthly at $25 each to retail stores. It's closest competitor produces a similar type of radio that sells for $28. If the demand for ABC's products has an elasticity c..
Is the perfectly competitive model a good benchmark for an economic system which uses Biblical worldview? Use Scriptural support where appropriate and also comment on the perfectly competitive model as a guide for public policy. What should be the ro..
Explain the difference between fixed and floating exchange rates. The answer must be explain the concepts as if your explaining it to a person who have no knownlege with the subject.
Why does the Great Salt Lake, which is wholly within the state of Utah, suffer lower levels of pollution than Lake Erie, which is bordered by several states and Canada?
Suppose it takes New England two hours to produce a bushel of corn and six hours to produce a bushel of wheat. What is New England's opportunity cost of producing a bushels of corn?
Imagine an economy with two types of goods; those that are tradable T (goods that can cross borders) and those that are not tradable NT. The technologies to produce them out of labor are T(L) = 2LT and NT(L) = 4LNT. The total amount of labor in this ..
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