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Market equilibrium is one of the fundamental concepts in economics.
Demand equation: Qd = 100 - 20P
Supply equation: Qs = 130 + 2P
Calculate the equilibrium price (P) and quantity (Q) of kittens. Remember that a negative price of kittens is not allowed. How many kittens will be adopted by humans and how many will be "strays?"
Calculate the gini coefficient and the coefficient of variation for each of the following distributions. [Hint: It will save significant time if you make use of the inequality principles (population, relative income, etc.) to simplify where possible...
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Explain the "(adjustable) fixed exchange rate" system under the Bretton Woods system.
Jasper is tense and nervous. He has two choices: psychological therapy or acupuncture treatment. Each visit with the psychologist costs $120. Jasper’ travel time is 15 minutes each way and each visit lasts 1 hour. If Jasper attends 2 of these session..
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Find the optimal quantity of labor supplied by a consumer who has a utility function for leisure (l) and “goods” (y) of U(l,y)=ln(l)+ln(y) , no non-labor income, a wage of 10, and 2000 hours of time.
In a perfectly competitive market, the inverse demand for a product is P(Q) = 200 − Q. Production is associated with a marginal private cost, MCP (Q) = Q, and a constant marginal external cost, MCE = 40. What is the unregulated equilibrium under perf..
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
How would that affect the trade volume between these territories? If you believe trade volume will change, explain why and list specific factors that will bring
The owner's of a small manufacturing concern have hired a manager to run the company with the expectation that he will buy the company after 5 years. Compensation of the new vice president is a flat salary pluss 75% of the first $150,000 profit, then..
How will the price ceiling affect the quantity supplied, quantity demanded and quantity exchanged
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