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Use the following diagram to calculate total consumer surplus at a price of $8 and production of 6 million meals per day. For the same equilibrium, calculate total producer surplus. Assuming price remained at $8 but production was cut to 3 million meals per day, calculate producer surplus and consumer surplus. Calculate the deadweight loss from underproduction.
The voters are well-informed about the benefits and costs of the program. What is the outcome of the election?
Assume that Johnson deposits $350 of currency in his account in the XYZ bank. Later the same day Swanson negotiates a loan for $2000 at the same bank. In what direction and by what amounts has the supply of money changed
Draw the demand and supply curves for these two types of labor. What feature of your graph accounts for the differences in the two wage rates and what feature accounts for the differences in the quantities employed of these two types of labor?
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
If you were going to run an experiment with human players for such a scenario, would you predict that players would use this strategy?
Davy Metal Company produces brass fittings. Davy's engineers estimate the production function represented below as relevant for their long-run capital-labor decisions. Q = 500L^0.6K^0.8 where Q = annual output measured in pounds.
Which point flat of the curve medicine is experienced in the following example (imagine that antibiotics have been prescribed for a given population of 1000 elderly persons. Number of prescriptions 0,100,200,300,400,500.
Use excel to graph the NPW as a function of interest rate for all alternatives. Also a choice table for interest rates from 0% to 100%. Finally, which alternative should be chosen if MARR=15% QZY, Inc. is evaluating new widget machinesoffered by th..
Given the stated values of the other independanct variables, calculate the point price elasticity of demand for X at Px = $50. Given the stated values of M, A and Py at what price and quantity demanded will total revenue maximized
a. Fill in the column of marginal products. What patent do you see? How might you explain it? b. A worker costs $100 that day, and the firm has fixed cost of $200. Use this information to fill in the column the total cost. c. Fill in the column for a..
Throughout this problem (except where explicitly indicated), assume that demand for the product is perfectly inelastic at a single unit and that everyone is risk-neutral. Rather than putting equal weights on the profits of the firm and consumer we..
How many units should be produced to maximize profit? How do this company's marginal costs behave as output increases? Provide a logical explanation as to why a computer manufacturer's marginal costs might behave in this way.
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