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The demand for ice cream is given by P = 24-Q and the supply curve by P = 4.
(a) Illustrate the market equilibrium, and compute the equilibrium price and quantity.
(b) Calculate the consumer surplus at the equilibrium.
(c) As a result of higher milk prices to dairy farmers the supply conditions change to P = 6. Compute the new quantity traded, and calculate the loss in consumer surplus.
Solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 percent, she spends $30 each day, it costs her $.50 each time she uses the ATM, and she thinks that there is a 15 percent chance.
Suppose there are 2 countries, Home and Foreign, two factors of production, capital and labor and two products, food and cloth. Home has 100 units of labor and 200 units of capital, while Foreign has 300 units of labor and 150 units of capital. \(..
The market price is currently $1 per poster. She has fixed cost of $250. Her variable cost are $1000 for the first thousand posters, $800 for te second thousand, and then $750 for each additionl thousand posters.
While referring to the "EYE on YOUR LIFE" section on page 279 of the textbook, apply the Money Multiplier process. Discuss and describe the effect you have on this process when you visit the ATM to get some cash to pay for your late-night pizza.
A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company's anticipated demand over the lifetime of the bridge.If the company were to build t..
Josh Ritchey has just been hired as a cost engineer by a large airlines company. Josh's first idea is to quit giving complimentary cocktails, wine, and beer to the international flying public. He calculates this will save 5,000,000 drinks per year..
Is demand elastic or inelastic in the $4-$6 price range How do you know (b.) If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 100 units to 300 units
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. The demand elasticity of a widget at the monopoly price and quantity is what
Mr. Smith has a weekly income of M = $24. Initially the prices of X and Y are both $2/unit and Mr. Smith buys 6 units each of X and Y each week, a bundle on indifference curve I0. Then, ceteris paribus, the price of X increases to $4/unit, with th..
Suppose that some variable is growing at constant rate. a. Prove that the natural logarithm of that variable is a linea r function of time. b. Find the intercept and slope of the linear function in part a.
A stock was priced at $150 per share at the end of 2007. The following table shows dividends per share paid during each year and the price of the stock at the end of the year for the following four years: Dividends Paid Stock Price at Year During ..
Suppose the quantity of good X demanded by individual 1 is given by X1 = 10 2PX + 0:01I1 + 0:4PY and the quantity of X demanded by individual 2 is X2 = 5 PX + 0:02I2 + 0:2PY a) What is the market demand function for total X (= X1+X2) as a function o..
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