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Suppose an individual’s inverse demand for fish caught by a commercial fishery is estimated to be P = 10 – 0.4Q, where P is the price of fish (per pound) and Q is the quantity of pounds demanded.
1. Graph inverse demand. Assuming the market price is $6/pound, calculate and label:
(a) Quantity demanded
(b) MWTP by consumers
(c) WTP by consumers,
(d) The total amount paid by consumers, and
(e) Consumer surplus (CS).
Facts: Nissan took its “Hardbody” truck line and used it as the basis for designing and building its “Pathfinder” sport utility vehicle. The Pathfinder incorporated the Hardbody’s frame side rails, front cab, and front suspension. The tariff schedul..
He has an endowment of w1 = 100 and w2 = 0 and faces relative prices p1/p2 = 2. If the relative price decreases to 1, what are the Slutzky substitution and income effects on the consumption of good 1?
Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply
What is the short-run market supply curve? Determine the short-run equilibrium price and quantity in this industry.
Explain by how much does the total amount of deposits in the banking system increase. By how much does the money supply increase.
Suppose the short-run production function is q = 6L^2. If the wage is $12 per unit of labor, then: What is the average variable cost?
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.20 million. This investment will consist of $3.00 million for land and $9.20 million for trucks ..
q.1. find the sample correlation coefficient between x and y.2. how would you decide if a simple linear regression
If you had $ 4000 now and invested it at 6% simple interest, how much would it be worth 12 years from now? How much would it be worth if you receive 5% compound interest instead of 6% simple interest?
Which of the following is not an assumption of the theory of consumer behavior described in this chapter? In deciding what to buy, the consumer will choose the good with the:
A piano manufacturer has a daily fixed cost of $1,200 and a marginal cost of $1,500 per piano. Find the cost C(x) of manufacturing x pianos in one day. Hint: A linear cost function, C(x) = mx + b. Use your function to answer parts b to e. On a give..
For the Utility function U(x,y) = y + (x)^1/2, calculate the following: Hicksian or Compensated demand functions. Expenditure function
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