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Suppose there is a linear downward-sloping demand curve and a linear upward-sloping supply curve for a good. The price of a substitute good increases and the price of an input to production also increases. Graph the original demand and supply curves, and the curves after the substitute good and input prices increase. How will the equilibrium price change after the substitute and input prices increase?
Consider a consumer who consumes two goods, x and y. He has Cobb-Douglasutility function given by U(x, y) = xy. Let the income of the consumer be 100.dollars. Price of x is $5 per unit and price of y is $10 per unit.MRS = y. What is the optimal consu..
In a world in which all markets were perfectly competitive, the ceaseless search for maximum profits will drive all prices down to the level of minimum average cost in the long run. Agree or disagree with this statement and explain your reasoning.
What are the trial level courts, intermediate appeallate court, and high appellate court in New York State? What is the sliding scale standard with respect to jurisdiction? Can you give an example of it?
Mr.A makes $50,000 a year and pays $10,000 in taxes. Ms.B makes $30,000 a year and pays $6,000 in taxes. Find the tax rate and after tax income for each of them. Identify what type of tax this is. Consumption is $6 trillion, investment is $2 trilion ..
illustrate what is the largest cardholder fee that Tuan will pay. the long run a perfectly competitive firm experiences economic profit and new firms will enter the market.
Find a purely/perfectly competitive industry. State why this industry is a purely competitive market. Give examples as to why. Please use the dropbox to submit your extra credit assignment.
Elucidate what is meant by "double coincidence of wants, and why it poses an impediment to efficient trade in a barter economy.
Justin has won $500,000 tax free in a lottery that he is going to invest. He has narrowed down his search to three funds that each have different stated rates. How much will he accumulate in 20 years for each of the three investment alternatives?
In Canada there is a universal health care system that provides “free” care to citizens and prevents doctors and hospitals from charging user fees. Users of the system face large delays in receiving care and often are on wait-lists for months. On the..
Considering companies operate in their own self interest, should cartels be legal.
The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. What is the probability that a customer will have to wait more than 15 minu..
Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, sells $100,000 worth of bonds that had been earning 5 percent per year, and uses the funds to open a bookstore. At the end of the year, sh..
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