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Suppose demand for widgets is given by the equation P = 20 - 0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. Refer to Scenario 19.3. What is the excess burden of the tax?
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
Sam purchased a machine 4 yrs ago at at cost of $8,000. It has a book value of $2300. It can be sold now for $4,300, or it could be sold for 3 more yrs,at the end of which time it would have no salvage value. assuming it is kept for 3 more yrs.
State carefully the ceteris paribus assumption in this case. Do you think this simple regression of Y on X satisfies that assumption? Why or why not?
You are considering going to graduate school for a one-year master's program. You have done some research and believe that the master's degree will add $6,000 per year to your salary for the next 10 years of your working life, starting at the end ..
The Clap Chemical Company needs a large insulated stainless steel tank to expand its plant. Clap has located such a tank at a recently closed brewery. The brewery has offered to sell the tank for $15,000 delivered.
The services of a certified psychologist cost $110 per hour, and an extended health plan covers 50 percent of that cost. Under the plan, the clients covered used 625 hours of this service in a typical three-month period. To save money, the extende..
janelle aand brian each plan to spend $20,000 on the styling and gas mileafe features of a new car. They can choose all styling, all gas mileage, or som combination of two. Janelle doesnot care at all about styling and want the best gas mileage po..
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. Se..
a person has made an arrangement to borrow $1,000 now and another $1,000 two years hence. The entire obligation is to be repaid at the end of four years. If the projected interests rates in years one, two, three and four are 10%, 12%, 12%, and 14%..
What is the profit maximizing (loss minimizing) level of output for Chan in the SR? ii) Calculate the total economic profit (or loss) that Chan. would receive at this particular level of output. You must show all of your work to r..
Suppose the following equations are true: Production Function: Q = K1/3L2/3, which means MPK = 1/3K-2/3L2/3,MPL = 2/3K1/3L-1/3 MRTS = 2(K/L) Total Cost = rK + wL r = .2 w = $5
Keynes rejected the classical notion of Say's law. He argued that under-spending was very likely. Keynes focused on aggregate demand (total spending) as being the key determinant to the level of macroeconomic activity not aggregate supply which wa..
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