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Suppose that technophiles are willing to pay $400 now for the latest iphone, but only $300 if they have to wait a year. Normal people are willing to pay $250 and their desire to purchase doesn't vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iphone. Assume that there are equal numbers of each customer type and the MC of the iphone is $100.
Two policy programs are proposed: (1) eliminate the deficit by cutting government spending and (2) eliminate the deficit but raising taxes. Which program has the least damaging effect on GDP
Consider a seller who values a car at $9,500 and a buyer who values the same care at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the follow sales tax rates: 0%, 2%, 4%, 6%, and 8%
A study of costs of electricity generation for a sample of 56 British firms in the 1946-1947 yielded the following long-run cost function: AVC = 1.24 +.0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2 Where AVC = average variable cost (i.e., work..
If the demand curve for wheat in the United States is P = 12.4 - \(Q{p}\) where P is the farm price of wheat (in dollars per bushel) and is the quantity of wheat demanded (in billions of bushels), and the supply curve fo wheat in the United States..
(a) What would be the monthly payment (b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010
If the price of milk increases by 10% and the quantity demanded decreases by 15%: a) Calculate the price elasticity of demand for milk b) Is demand elastic or inelastic in this range
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound.
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable..
How much is added to the firm's total revenue if the firm hires the 4th worker What is the economic term for this number If the market equilibrium wage rate is $8, how many workers will the firm choose to employ Hint: what is the marginal revenue p..
A loan of $200,000 at 7% interest will help fund the purchase. The loan is to be repaid in seven equal annual installments including interest. The firm's marginal income tax rate is 39%. The equipment qualifies for MACRS 5-year property.
All of its current sales are to private sector customers and each pays $12.00 per unit for the equipment. The sales price is equal to 150% of average variable costs. A government agency has offered to purchase 300,000 units at $10.00 each. If Comp..
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