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The U.S. Department of Agriculture's (USDA's) minimum general recommendation is five servings of fruits and vegetables a day. Jetter et al. (2004) estimated that, if consumers followed that advice, the equilibrium price and quantity of most fruits and vegetables would increase substantially. For example, the price of salad would rise 7.2%, output would increase 3.5%, and growers' revenues would jump 7.3% (presumably, health benefits would occur too). Use a diagram to illustrate as many of these effects as possible and to show how consumer surplus and producer surplus change. Discuss how to calculate the consumer surplus (given that the USDA's recommendation shifts consumers' tastes or behavior)
If an editorial says that Americans are saving at lower amounts ie,20 years ago the average savings rate was 20% of disposableincome. The editorial predicted that this would drop to5 percent in less than five years.
If your employees are completely rational, will they be motivated more by Scheme A, Scheme B, or will both schemes motivate them equally?
Find data on GDP and its components, and compute the percentage of GDP for the following components for 1950, 1980, and the most recent year available. Do you see any stable relationships in the data Do you see any trends a. Personal consumption ex..
Suppose in Solved Problem 7.2 that the government charges the firm a franchise tax each year (instead of only once). Describe the effect of this tax on the marginal cost, average variable cost, short-run average cost, and long-run average cost cur..
Show how the equilibrium, consumer surplus, and producer surplus change. What is the deadweight loss, if any, from this price control?
What is the difference between the trend and the business cycle component of an economic time series?
Search the Internet for two interesting articles about software development life cycles, including agile development. Review the Web site www.agilealliance.org. What do these sources say about project management?
The City of New York has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. Paying this salary, each of the 199 firms makes a normal profit on $500,000 in revenue.
How would you go about gathering the relevant information about benefits? Whose benefits would you include?
If the government imposes a tax of $15 a month on the market, what price would the buyer of an Internet service pay?__________ What price would the seller of the Internet service receive?____________________
Assume the following data for a country: total population 500, population under 16 years of age or institutionalized 120, not in labor force150, unemployed 23, and part-time workers looking for full time jobs 10.
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Compute the price elasticity of demand for paint.
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