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Suppose that the supply for potatoes is Qs=2000+200P and the demand for potatoes is Qd=4000-300P-2I, where P is Price and I is Income. Let I=500.
a) are potatoes a normal good or an inferior good based on the demand function? briefly explain
b) solve for the equalibrium price and quantity
c) calculate the price elasticities of demand and supply at market equalibrium
d) suppose the govt imposes a price support at P=4 by paying 4 dollars for any potato not sold in the market. what are the quantities of potatoes sold in the market and sold to the government?
In an advertisement for a professional employment organization it was stated: “Outsourcing can be a cost-effective alternative to the expense and administrative burden of a traditional employer-employee relationship.” Evaluate the costs and benefits ..
What is the equilibrium price paid by the demanders for merino ewes now. Elucidate what is the equilibrium price received by the suppliers for merino ewes.
When the Framers were designing the federal government, they believed that the House of Representatives would be “the people’s” branch of government. Nowadays, however, many critics say that the House would be better described as “the insiders’” bran..
Explain what you would rather maximize your total or marginal utility? How do you think you would determine when to stop consuming if you were at an all you can eat buffeted?
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $551 each, later that same year Catherine sold the now used t-shirts to Max for $540 each. The reaming t-shirts that Laser produced were not sold to anyone that..
Illustrate what is the effect of Westland's expansionary monetary policy on Eastland's nominal exchange rate in the short run also in the long run.
Suppose the market for eggs is in equilibrium at a price of $2 per dozen eggs. If the government decides to enact a new price floor at $1.50 per dozen eggs, what outcome does economic theory predict will occur?
On a graph where the total income is on the horizontal axis and the number of tasks is on the vertical axis, why does the piece rate appear as a straight line? Show that if the piece rate goes up, the line become flatter.
Even those who were not directly affected by the destruction were hurt because businesses failed or contracted and jobs dried up.
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours every day.
Indonesia’s production function is Y = AKαL1-α. Assume that A (technology) = 1 and α = .33. Additionally, Indonesia’s investment/savings rate is 10%. Indonesia has 50 units of capital per worker and a constant depreciation rate of 3%. Assume that Ind..
You are attempting to construct an optimal portfolio consisting of T-bills and a risky portfolio. The expected return on the risky portfolio is 19% and the standard deviation is 25%. The T-bill rate is 5.3%. (a) If you put 45% of your funds in T-bill..
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