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Q1. Susie purchased a non-refundable ticket to a soccer match for $20. It will cost her $10 worth of gas and wear and tear to drive to the match, and $5 to park her car. On the day of the match, Susie's boss offers her $100 to come to work instead. In considering what to do, which of the above would be considered a sunk cost?
Q2. Suppose Citizens Bank gives you a loan for $50,000 at i = 5% for 1 year at the end of 2013. Also suppose the inflation expectation for 2014 is 2%, πe = 2%.
a. How much will you owe (i.e., principle plus interest) Citizens Bank in nominal terms at the end of 2014? (Use simple interest as we have done in class.)
What other economic factors are affected when taxes are raised or lowered, and how are they affected. Should the government increase tax rates on everyone as a way to equalize incomes and wealth.
The banking system is a fractional reserve banking system with a desired reserve deposit ratio. Banking system is a fractional reserve banking system.
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Conditions that exist when they shut down their operations and the conditions that exist when they resume their operations.
Which of these same curve would shift as a result of the per-burger tax. Curves average fixed cost,marginal cost would shift as a result.
What was the accounting profit for the new business. What was the economic profit or loss. Explain your calculations for both questions.
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Competition in the market is such that each of the firms independently produces a quantity of output.
Explain an economy is initially in equilibrium at the natural level. The central bank increases the money supply.
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