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Who might care about the price elasticity of demand and why? Who might care about the price elasticity of supply and why? Who might care about the income elasticity of demand and why? Elasticity of demand and supply should both have 5 interpretations of Elasticity. Income Elasticity should have 2 interpretations, and Cross Elasticity of Demand should have 3
Suppose that a company has a fixed proportions production function that requires it to use two machines and one worker to produce 1000 units per hour. Explain why the cost per hour of producing 1000 units is 2v+w (where v is the hourly rent for the m..
If there are fixed costs of production in a competitive industry, the q that solves the firm’s first-order condition
Why is NOT a good idea for Federal Government to spend money, without paying for it in tax revenues and for the Federal Reserve to increase the money supply in the economy by creating and issuing more money?
Why is depreciation of capital good a cost of society. In illustrate what ways does a person's health depreciate. Why might older people's health care expenditures increase in Grossman model even though their desired health stocks may be lower.
You plan to buy a common stock and hold it for one year. You expect to receive both $1.50 from dividends and $26 from the sale of the stock at the end of the year. If you wanted to earn a 15 percent rate of return, what is the maximum price you would..
The city of Carlsbad in California is considering building a $300 million water-desalination plant. The facility would be the largest in the Western Hemisphere, producing 50 million gallons of drinking water a day -- enough to supply about 100,000 ho..
What is price information asymmetry? Explain the reason for search online purchase offline behavior. How do search sites drive consumers to retailers? What are the benefits of barter? Who determines whether a price is fair? Why is price often a light..
Suppose your nominal income rose by 6.3 percent and the price level rose by 3.8 percent in some year. By what percentage would your real income (approximately) increase? percent. If your nominal income rose by 3.8 percent and your real income rose b..
Spartan Town Bank is the only bank in town when it comes to borrowing or depositing. You may also assume it’s the only bank in the economy. Initially, it holds $4000 worth of checking (or demand) deposits, $1000 of reserves, and $3000 of loans. Const..
Phil's Copy Studio pays its workers $60 per day and sells poster-size copies for $10 per print. Now suppose during the holiday season the price of poster-size copies increases to $12. What happens?
A market with barriers to entry may not be characterized by production at the minimum ecient scale in the long run. The Diamond-Mortensen-Pissarides model successfully explains the phenomenon of unemployment, while competitive market models ( earlier..
If incomes rise for both low-income and high-income workers, but rise less for the high-income workers.
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