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Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1).
Suppose Microsoft chooses to produce 80 million copies of software per year and sells copies of software to retailers at $199 per copy. Now consider problem of a retailer like Circuit City or Best Buy.
Consider following claim: price of gasoline has doubled and corresponding change in demand gravely hurt those who have long commutes to work. As a student of economics what do you find correct and what incorrect in this claim.
Suppose that Charles, an economist from an AM talk radio program, and Dina, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate:
Suppose w = $100. There are two commodities, electricity and food. Each unit of food costs $1. The Örst 20Kwh electricity cost $1 per Kwh, but the price of each incremetal unit of electricity is $1:50 per Kwh. Write the consumers is budget set formal..
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.
q. the gop deflator in econoland is 200 on january 1 2005. the deflator rises to 242 by january 1 2007 and to 266.2 by
You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..
Imagine working at the Trading Desk at the New York Fed. Explain whether you would conduct open market purchases or sales in response to each of the following events. Justify your recommendation.
Substitution and income effects of a change in price of a good may be used to explain the:
Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopolist). Assume its MRPL is given by L = 11 - w and the labor supply is L = w. What is the wage paid and the number of labor hours hired by the profit-maxi..
Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will ______ the quantity supplied, causing the price of tree cutting/removal services to ______. The question of who pays the greater amount of a..
Hot chocolate is made from chocolate syrup and milk. Using a separate supply and demand graph for each question, please show the effects of the following events on the market for hot chocolate (please specify the change in demand, supply and the equi..
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