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The demand curve for product X is given by QD x = 220 − PX + 3PY + 0.001I where PY is the price of a related good Y, and I is income. The supply curve for good X is given by QS X = 10 + 3PX.
a) What is the marginal effect of an increase in PY on the equilibrium price of good X?
b) How much do we need to increase income, if we want people to trade 5 more units of product X?
c) Assuming PY = 2 and I = 50, 000, what is the equilibrium price and quantity for good X?
d) Assuming the same values for PY and I, find the value of PX that would result in a surplus of 100 units. Also find the value of PX that would result in a shortage of 100 units.
In the Elwyn Company, the relationship between output ( Q) and the number of hours of skilled labor ( S) and unskilled labor ( U) is. Elwyn's chief engineer recommends that the firm hire 400 hours of skilled labor and 100 hours of unskilled labor. Ev..
in march 2010 hertz pain relievers bought a message machine that provided a return of 8 percent. it was financed by
Suppose a certain state increases the license fees that physicians must pay from $500 to $2000 per year. Trace out the impact of the increase in fees an average cost, average variable cost, fixed cost, and marginal cost for physicians operating in th..
Will the brothers gain if they specialize. Illustrate your answer with an example.
Calculate the current velocity of money from the Federal Reserve Database (FRED). Using the Weekly, Seasonally Adjusted, M1 Money Stock, Updated: 2015-07-02 and the Quarterly, Seasonally Adjusted Annual Rate, GDP, Updated: 2015-06-24 - posted for the..
You have just purchased a house for $400,000, paid $24,000 for legal fees and $17,000 for renovations. The market price of the house does not change. If the sales tax on a house were 3% (to be paid by you if you sell the house), what is the sunk cost..
The supply and demand curves for mousetraps cross at a price of $10 apiece. There is and always has been a price ceiling of $6 per mousetrap. Now the government imposes an excise tax of $2 per mousetrap (while maintaining the $6 price ceiling). Illus..
The annual maintenance cost is estimated to be $100K. A major renovation at a cost of $50M is required every 100 years. What is the capitalized cost of the bridge at an interest rate of 5%?
Employees bear the cost and earn the returns on investments in general training and employers bear the cost and earn the return on specific training. Is this statement true, false, or uncertain? Give an economic justification for your answer.
After a wage increase, the SE on leisure is -5 and the IE on leisure is 3. Find the TE on labor due to wage increase (if there is enough information provided to determine the answer).
at a time when demand for ready-to-eat cereal was stagnant a spokesperson for the cereal maker kelloggs was quoted as
q1. what would you cite as examples of government improving market outcomesin recent economic history of the united
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