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Suppose income a tax for a particular demographic group drops from 15% to 10%. As a response we see a significant portion of the affected people moving from not working to working full time. What does this tell you about the underlying model of labor supply?
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City home-less shelters. Table 2P-1 shows their weekly production possibilities in providing emergency goods to NYC homel..
Lately, Congress has been debating introducing a tax on sugary drinks like sodas as a way to combat obesity. a. Suppose a $1.00 per liter tax is introduced on all sodas made with sugar or high fructose corn syrup. How would the impact of the tax be a..
Each can produce the next generation super computer for math (M) or for chip research. However, only one can successfully produce for both markets simultaneously. Find the Nash equilibrium (include the payoff in your answer), and elucidate why it i..
Explain what variables are most influential in predicting your level of spending as a consumer? Do the variables differ for the purchase of durable goods (automobiles, major appliances, etc.) versus non-durable goods (food, clothing, entertainment, e..
Technological innovation and or improvement is very critical to business growth and competitiveness. Given the four main types of market structures discussed, under which market structure is technological improvement most critical?
Assume a bank purchases a newly issued mortgage backed security (MBS) for $1,000. After the year, the value of the MBS has decreased to $750:
Does either player have a dominant strategy? Explain why or why not? Is there a dominant solution for this game? c) Identify the Nash equilibrium of this game. Explain.
Suppose that the demand curve for wheat is Q = 100 - 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3. Describe how the equilibrium changes. What effect does this ceiling have on consumer surplus, producer surplus,..
Suppose Danielle consumes pancakes and waffles. Her utility function can be expressed as U(P,W)=10P^.75 W^.5. Furthermore, suppose the price of pancakes is $4.00 and the price of waffles is $2.50. Define Danielle’s marginal rate of substitution for P..
A domestic subsidy to enable an industry to compete against imports:
If the demand curve increase, what will happen to price and quantity?
If the price of good A decreases by 5% and the quantity demanded of good B increases 10.2%, find the cross price elasticity of demand. Are the goods substitutes or complements? Why?
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