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The widget industry in Springfield is competitive, with numerous buyers and sellers.Consumers don't differentiate among the various brands of widgets (no product differentiation).The industry demand curve is given by:Qd = 998 - 5Pw + 4 Y - 6PgAnd the industry supply curve is given byQs = +15Pw - 3 WageWhere Pw represents the price of widgets, Pg is the price of gasoline, Y is disposable personal income in Springfield, and Wage is wages paid to workers in widget factories.Currently, Y= $10, Pg = $3, and Wage = $20.Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves?
of this sales revenue he must pay the manufacturer a wholesale cost of $620,000 he also pays wages and utiilty bills totaling $210,000 if he doe not operate this piano business he can work in an accounting firm and recieve an annual salery of $45,..
What is the dollar rate of return on a 10,000 pound deposit held in a British bank for a year when the British interest rate (annual) is 10 percent, and the exchange rate is $1.50 per pound at the beginning of the year
For each of the following cases, calculate the arc price elasticity of demand and state whether demand is elastic, inelastic, or unit elastic. When the price of milk increase from $2.25 to $250 per gallon
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
Suppose that the price elasticity of demand for cigarettes is.46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .50, the cross price elasticity of demand between cigarettes and alcohol is -.70.
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is u..
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
Baby boomers can save up to $22,000 per year in a 401k account. If Eileen's starting balance at age 50 is $200,000 and she saves the full amount available to her, how much money will she have saved when she is 65 years old (after 15 years of savin..
Greener Grass Company (GGC) competes with its main rival, Better Lawns and Gardens (BLG), in the supply and installation of in-ground lawn watering systems in the wealthy western suburbs of a major east-coast city. Last year, GGC's price for the t..
If the current price of the product is $100, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this market
Suppose you have some information on a sample of investment bankers, and are interested in impacts of height and of seniority on their success.
Suppose that the Fed is required to keep the inflation rate between 1 percent and 2 percent a year but with no requirement to keep trend inflation at the midpoint of this range The Fed achieves its target. a. If initially the price level is 100
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