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The equation of exchange is MV = PQ, where M is the money supply, V is the velocity of money, P is the price level, and Q is real GDP. The island economy of Monet is rather simple. The only good produced in Monet is "Things," and the island is able to produce 1,000 Things each year. Each Thing sells for a price of $40. The money supply consists of 800 one-dollar bills. 6.2. A fire on the island of Monet destroys half of its one-dollar bills. According to classical economists, what will happen on the island of Monet in the short run?
The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.
What would SungSam's profit be on the batch of 10,000 of historical data show that 1% of product will be scrapped in manufacturing, 3% of finished product will go unsold, and 2% of sold product will be returned for refund.
Gomez runs a small pottery firm. He hires one helper at $11,500 per year, pays annual rent of $7,000 for his shop, and spends $22,500 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth..
After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $90,000 worth her art each year. She fo..
An accounting and management consulting firm charge out rate is $112 per hour. The maximum output is 214,000 hours per year. The fixed cost is $610,000 per year and the variable cost is $62 per standard service hour. What is the breakeven point in..
Heat Tamers, Inc., of Bend, Oregon produces special heat-resistant boots used primarily by firefighters, smoke-jumpers and steelworkers. It is contemplating an expansion into the heat resistant leather market charging a price of $150 per pair of b..
If Burton was driving trucks for one of the competing trucking firms, he would earn $5,000 per month. Burton is proud of the fact that he is generating a net cash flow of $7,000 ($25,000 - $18,000) per month, since he would be earning only $5,000 ..
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
From the information in the table, calculate marginal and average products. Graph the three functions (put total product on one graph and marginal and average products on another). For what range of output does this function have diminishing marginal..
If the price of blue toy cars is $5 and the price of pink toy cars is $2, then which of the following consumers will make the same choices if their income is the same (assuming maximization of income) Gloria, utility is U(b,p) = b^2 * p
use the formula present value = (future value)/(1 + r)n, where n is the number of years, and r is the annual interest rate. 3. From the perspective of year 1 /1/2010, the future value on 1/1/2012 is $5,500. If the interest rate in year 2012 is r
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then if the fed wants the money supply to be $6,228 billion
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