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Consider a market where supply and demand are given by QXS = -18 + PX and QXd = 90 - 2PX. Suppose the government imposes a price floor of $41, and agrees to purchase any and all units consumers do not buy at the floor price of $41 per unit.
Suppose that the demand curve for wheat is Q = 100 - 10p and that the supply curve is Q = 10p. What are the effects of a specific tax of t = 1 per unit on the (1)equilibrium, (2)government tax revenue, (3)CS, (4)PS, (5)welfare, and (6)DWL?
Suppose an individual is faced with two goods: income and leisure. The basic wage rate is 8 dollars per hour but if the individual works more than 8 hours a day, he or she get's an overtime pay of $12. Draw the budget line for this individual.
Explain how does the concept of dualism adequately portrays the development picture in developing countries.
Consider an auction with 1,000 risk-neutral bidders. It is know that these bidders have affiliated values. Based on this information we know the expected revenues for the different auction types will be
What is a basic summary of the Pickens plan (Oilman T. Boone Pickens )? Using the supply-and-demand model explain how Pickens' plan would affect the global price of oil if it were to be successfully implemented.
Use the midpoint method to compute your price elastcityof demand as the price of compact discs increases. Compute your income elasticity of demand as your income increases.
Discuss the Commerce Clause of the U.S. Constitution and its regulation of business both at the Federal and State level.
Which of the subsequent industries is most such asly to be monopolistically competitive. A normative economic statement such as "The minimum income should be abolished".
The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. What will be e..
GM Company is considering opening a dealership in Germany, but is unsure if it can earn an 8% rate of return that is promised by an alternative investment (of similar risk). Identify and describe and three rate base misconceptions? Think of the “rate..
Explain why it is an equilibrium under these assumptions for: the high-ability workers to earn the degree and be paid $40,000, and the low-ability workers to not earn the degree and be paid $20,000.
Suppose a household's annual take-home pay in 1951 was $8,320. Elucidate what would be an equivalent home pay in 1982.
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