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Determine your own market for a good and conduct your own analysis of a change in both the demand curve and the supply curve and report how the equilibrium price and quantity will change. Be sure to describe your good in question and what factor caused the demand curve to change and what factor caused the supply curve to change. Please diagram your answer and provide a rationale for the change.
When the price of gasoline increased from 3 to 4 dollars per gallon, the demand for gasoline decreased from 100,000 gallons to 90,000 daily. Also, the demand for a $50,000 SUV dropped from 3000 to 2500 cars per month. Estimate the price elasticity of..
Suppose individuals require a certain level of food (x) to remain alive. Let this amount be given by X0. Once X0 is purchased, individuals obtain utility from food and other goods (y) of the form.
Mr Patel runs a motel in Tampa, FL. The market is highly competitive since there are many hotels in the surrounding areas and the average room rent per night is $35. There are 30 rooms are Mr Patels motel and each room can be rented for 30 nights a m..
If offered the choice between a 10 percent increase in her hourly wage rate, which would Helga choose? Assume that she is free to choose her hours of work.
Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, as well as marginal costs.
U(X,Y)=X.6Y .4 , MUX=.6X -.4Y .4 MUY=.4X .6Y -.6 PX=3 PY=4 I=60 (a) Calculate the MRSX,Y. (b) Write the budget constraint. (c) What is the consumption bundle to maximize the utility level? What is the maximum utility level?
Fashionable Designs, Ltd., plans to market a new sports blazer. Based on information provided by the accounting department, the company estimates fixed costs of $40,000 per year and average variable costs of: AVC = $1 + $0.001Q, where AVC is average ..
Consider making an initial investment in a fund paying 25% of $1,000 the first year and decreasing your investment by 20% per year. What would be the present amount equivalent to a four year investment.
A welfare system in which benefits take the form of cash payments to recipients is preferable to one based on the use of price subsidies on merit goods. Discuss this statement using consumer theory to illustrate your arguments.
If your monthly loan payment is $1057 and your nominal annual mortgage rate is 6% for 40 years, compounded monthly, how much total interest will you pay over the life of the loan?
An agency is having problems with personal phone calls made during working hours.
Assuming the market equilibrium price for wheat is $5 per bushel, draw the total revenue and the marginal revenue curves for the typical wheat farmer in the same graph. Explain how marginal revenue and price are related to the total revenue curve.
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