Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline.
How do I calculate consumer and producer surplus from this info? I know its 1/2 x (price-optimal price) x quanitiy for consumer and 1/2 x price x quantity but I dont know which numbers I should put where. Also, how should I calc elasticity of demand, should I use the 33% price increase or should I use the price change from 3-4? Please give as much detail as possible.
Can you provide any examples of Illustrate what kind of equality could be made to offset these increased society costs
Assume Hailey's Utility Function is U = x^2 y . The price of X is $8 per unit and the price of Y is $2 per unit. Her income is currently $240 / month. Determine her utility maximizing quantities of x and y. Suppose the price of X goes down to $4 per ..
Which of the following are positive economic statements and which are normative? Explain. a) Higher gasoline prices cause the quantity of gasoline that consumers buy to decrease. b) Everyone should enjoy open access to health care. c) A comparison of..
In January 2001, $1 was equal to 1.06 euro. By January 2012, $1 was worth 0.76 euro. As a result of the change in the value of the dollar:
Using production possibility frontiers, illustrate the effects of a) an increase in total resources; b) an improvement in the technology for producing one of the goods under consideration; c) a simultaneous improvement in the technologies for produci..
You took an amazing class at the U that changed your life, so now you are going to invest for your retirement. Your tax bracket is 25% federal and 5% state. Your investment is in a federally and state tax free account that earns 11% each year, what i..
suppose that beer preresents 22 percent of the economy and pizza represent 4 percent. Chocolate is the rest of the economy. What was the inflation rate for this economy?
Studying the cultural differences between countries can help a company be more successful doing business internationally. What are the cultural dimensions that vary by country? What is cultural intelligence?
Which type of discrimination is easier to address legally—demand side or institutional?
Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption.
If mary decided to go on the road trip, what is her opportunity cost?
The recent recession seems to be ending, the number of people with jobs is expanding, and it appears that wage levels are beginning to increase. Based on market changes, what changes would you anticipate experiencing in your firm’s revenue and cost c..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd