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The demand and supply curves in the market for college education determine the equilibrium price and quantity of education. Assume the student for college education is given by Dstu = P = 9500 – 500Q and the cost to society to of providing a college education or the social supply curve is given by Ssoc = P = 3500 + 1000Q; where P is the price of tuition per year and Q is the average number of years of college attendance. (a) Assuming the market for education is private, what is the equilibrium price of tuition and equilibrium quantity of education consumed? Solve numerically and show in a diagram. (b) Suppose that each year of college provides external benefits equal to $4500. The social demand would be Dsoc = 14,000 – 500Q. What is the socially optimum average number of years of college? What tuition must be charged to supply that quantity? Solve numerically then show in the same diagram as in (a). (c) What dollar amount of subsidy will lead to social optimum? Solve numerically then show in the same diagram as in (a)?
iv. Find the utility maximizing combination of income and leisure. How many hours will this person work? Imagine the wage rate increases to $8 per hour. Will this person work more hours?
What is the present worth of each of the given series of payments?
Consider a market where the market demand is given by P = 600 − 3Q and the market supply is given by P = 100 + 2Q. Suppose the government imposed a $50-per-unit tax. How much of the per-unit tax would be paid by the sellers and how much by the buyers..
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
Changes in tastes reduce the demand for wheat substantially. What happens to price and output in the market for wheat? What happens to the price, output, and profits of the individual wheat farmer in the short run? Illustrate with diagrams.
In what situations will a court impose a strict liability standard instead of a negligence standard? Provide a real-world example of a strict liability case. Is imposing this standard fair? Are strict liability standards fair as a general rule?
What is the consumer price index (CPI)? How is it measured? What are the pros and cons of using the CPI as a measure of the cost of living?
The long-run total cost function for a firm producing skateboards is. Calculate the marginal cost function. What is marginal cost at the output level in part b?
A company can earn 6% on their investments. How much should the company invest today to be able to fund two $2,500 projects each year for the next 10 years?
What is the difference between the Federal Funds Rate and the Discount Rate? Please explain the difference by providing an explanation of each rate and their purposes. Is there anything else that the Federal Reserve can do to change the supply of mon..
Extensive margin models use Rogerson (1988) style lotteries in order to simplify the savings problem under non-full-insurance.
Illustrate what is the reorder point for part if the reorder point is expressed in terms of the inventory on hand rather than the inventory position.
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