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Consider the demand curve P = 100-2Q. The supply curve is given by P = 30.
(a) Draw the supply and demand curves to scale and compute the equilibrium price and quantity in this market.
(b) If the government imposes a tax of $10 per unit, draw the new equilibrium and compute the new quantity traded and the amount of tax revenue generated.
(c) Is demand elastic or inelastic in this price range?
Fred is a salesman who can sell enough to generate $200,000/year worth of profit for his company. He earns only $110,000 in compensation. What is the value of his outside or next best alternative?
Assume there is one insurance plan. Consumers decide whether to enroll in this insurance plan or remain uninsured. Consumers are heterogeneous in how much they value insurance and how costly they are to insure.
Use your knowledge of the factors that cause shifts in demand, and in a multi-paragraph essay, provide at least three reasons why ice cream sales fluctuate in this manner
Suppose that the bank sells $5 million in securities to get new cash. Show the bank's balance sheet after this transaction. What are the bank's excess reserves. Suppose that the bank makes a loan to a customer equal to the amount of its excess rese..
A municipal solid-waste site for a city must be located at Site A or Site B. After sorting, some of the solid refuse will be transported to an electric power plant where it will be used as fuel. Data for the hauling of refuse from each site to the..
The demand curve for haircuts at Terry Bernard's Hair Design is, P = 22 - 0.22Q, where Q is the number of cuts per week and P is the price of a haircut. Terry is considering raising her price above the current price of $9
Policymaking is much easier when the stae of the economy is easily observable than when there is uncertainty about how the economy is doing, as this problem illustrates. Suppose that the economy is either in an expansion or a recession.
East Chicago is a major production center of steel in the United States. In the process of producing steel, the firms in this are emit pollution both into the air and into the water which adversely affect Indiana residents. The EPA has determined ..
Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.
Suppose that the Fed's inflation target is 2%, potential output growth is 3.5%, and velocity is a function of how much the interest rate differs from 5%: %^V= 0.5 X (i-5). Suppose that a model of the economy suggests that the real interest rate is..
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
You can either spend spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and misc.
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