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Lizzy Richardson’s home in New York City was recently gutted in a ?re. Her living and dining rooms were completely destroyed, and the damaged personal property had a replacement value of $35,000. The average age of the damaged personal property was 5 years, and its useful life was estimated to be 15 years. What is the maximum amount the insurance company would pay Lizzy, assuming that it reimburses losses on an actual cash-value basis?
Assume two power plants release Sulfur Dioxide (SO2) in Athens, GA. A1 is the abatement in firm1 and A2 is the abatement in firm 2. Please calculate the total costs and marginal costs of abatement for both firms under a uniform allocation approach. U..
If the marginal product of the 4th worker hired is 6, and the marginal product of the 5th worker hired is 4, you should not hire the 5th worker because your profit would decrease since the 5th worker’s marginal product is less than the marginal produ..
Explain why temporary and permanent fiscal expansions do not have different effects under fixed exchange rates, as they do under floating exchange rates.
Peter, a single taxpayer, bought a house to use as a rental property on April 1, 2007, for $300,000. He moved into the house on June 1, 2013, and used it as his personal residence until August 1, 2014, when he sold it for $500,000. Recognized gain on..
A consumer has the utility function U(x,y) = xα yβ , where x$0 and y$0 represent her consumption of goods X and Y, and α>0 and β>0 are exogenous parameters. Calculate the consumer’s elasticities of demand for X and Y. These elasticities may be functi..
Why do celebrity icons receive such widespread attention and adulation
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
The GI Bill provided educational opportunities to many young men returning from military service. Using a production possibilities curve, demonstrate how the GI Bill affected economic growth and explain your answer. Why is China still poor in per c..
Identify the point on the budget constraint this worker has chosen. Explain how much is he working per day.
Suppose each monopolist is allowed to sell both domestically and export the good. At what price will the good be traded? What quantity will each firm sell domestically and what quantity will it export?
Plot (using a spreadsheet or other graphical tool) the following scenarios for per-capita GDP on a ratio scale. Assume that per capita GDP in the year 2000 is $10,000. Use the Rule of 70 to estimate the value of per capita GDP on the graph for the ye..
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