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Suppose an individual demand curve is given by P = 100 - 5Q, where P is the price of smoothies and Q is the quantity she consumes. Assuming her income per week is $1,000 and the current price of smoothies is $5 each, by how much will her consumer surplus decline if the price of smoothies increased to $10 each? First diagram your answer by plotting the above demand curve and then determine the dollar value of her loss in surplus.
What causes inflation? What is the quantity theory of money and how does it explain inflation? What is seignorage? What is the tax inflation? Understand the costs of inflation in detail. Understand the so-called inflation fallacy. What are the costs ..
Define "Full Employment" and "Price Stability". Define, measure, and discuss why inflation is a problem. Define and measure unemployment.
Countries seeking to adopt the euro as their currency must meet certain criteria, including the requirements to keep their government budget deficit equal to 3% or less of GDP, and to hold government indebtedness to less than 60% of GDP. Discuss why ..
What appears to be major constraint that central banks used to determine limits of monetary injections into economy. Did United States use same or different criteria.
Describe the similarities between the health-care sector and it's problems and the higher education sector and it's problems. Why do these two sectors in our economy have similar problems?
Suppose that one Euro can be exchanged for 1.3 U.S. dollars and that one U.S. dollar can be exchanged for 80 Japanese yen. If these currencies can be traded freely with low transaction costs, what exchange rate would you expect between the Euro and J..
Explain your definition and the effects of hate speech or indecent content on children (ages 7-17) and on adults (18 +). Discuss your agreement or disagreement with making hate speech a crime
You purchase a stamping machine at $100,000 to produce a new line of products. The stamping machine will be used for 5 years and the expected salvage value of the machine is 20% of the initial cost. The annual operating and maintenance costs amount t..
A firm that produce brownies has a production function: F(K,L)= (K^1/2 + L^1/2)^2. (Hint: for this question plugging in w=1 and r=1 sooner than later will save you some time with your algebra). First, find the optimal amount of capital and labor that..
Illustrate what happens to total income from shoe sales (Estimate P x Q before and after cost change). Repeat exercise for initial costs being decreased to $40 and $20, respectively.
Suppose that the market demand for wholesale coffee beans is given by P = 1200 - 2Q. Suppose that there are 10 identical firms, each with MC = lOq, determine the market supply. Using the market supply solved for in (a), determine the equilibrium pric..
What is the difference in profit maximization between the perfect competitor and all other types of firms? A(n) ____ may offer products that are either differentiated or nondifferentiated.
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