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Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. The current estimates of the price elasticity of supply and demand are η=1 and ε=-.2 respectively. What will be the effects on the market price and quantity if the U.S. government suddenly decides to purchase an additional 2 million barrels of oil? Assume that the addition consumption of oil by the government results in a parallel shift of the supply curve to the left by 2 million barrels per day.
Explain with a graph (showing MR, MC and P) and a verbal explanation. how a ticket price ceiling placed on a monopoly sports franchise (that does not sell out its games) may actually lower ticket prices and raise attendance. Assume that marginal cost..
Compute the CV and EV associated with this price increase. how would you interpret these.
In a free floating exchange rate system, if the current account is running a deficit, what are the consequences for the nation’s balance of capital accounts and its overall balance of payment?
q. 1. country z is a developing country that is facing problems of deforestation. for agriculture farmers are clearing
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
What factors in technological segment can have significant impact on U.S. restaurant industry? How does each of these factors shape the growth and changes of the industry? What are the future trend of each factor and the resulting changes of the indu..
Trace through the effects a minimum wage might be expected to have, for two cases: the demand for output produced by workers is perfectly elastic. the demand for output is not perfectly elastic
Suppose an industry has 100 firms, each with supply curve P = 50 + 10Q. Furthermore, suppose the market demand curve is given by P = 200 - 0.9Q. What is the industry supply curve?
Can you relate the Classical and/or Keynesian macroeconomic models to assumptions about economic behaviors and to economics policies being implemented in the U.S. economy today? Discuss this with your group members. Is there anything that you've lear..
EZ Sharp Industries, Inc., manufactures the Kleen Edge(TM) line of diamond-abrasive cutlery sharpeners for home use. EZ Sharp holds a patent on its unique design and can earn substantial economic profit if it prices its Kleen Edge(TM) products wisely..
Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds pr..
Explain why, in a perfectly competitive environment, a profit maximizing firm will increase its labor force up to the number of workers that equates the prevailing wage rate to the value of the marginal product of labor (the marginal revenue product ..
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