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The residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visits: Qd = P,where p is the price of admission. b) The mayor proposes financing the museum with a lump-sum tax of $24 and then opening the museum to the public for free. How many times would each person visit? Calculate the benefit each person would get from the museum, measured as consumer surplus minus the new tax.
What determines the composition of national output? In some cases, we say that there is "consumer sovereignty." meaning that consumers decide how to spend their incomes on the basis of their tastes and market prices. In other cases, decisions are mad..
A representative of the American clothing industry recently made the following statement: Workers in Asia often work in sweatshop conditions earning only pennies an hour. American workers are more productive and as a result earn higher wages. Is the ..
Suppose that the average total cost (ATC) of producing 8 units is less than the average total cost of producing 9 units. What can we say about marginal costs (MC) in relation to ATC?
An economy has $72, to divide between Hamlet and Ophelia. Hamlet has the utility function u[H] = U[H] (m[H]) = 3m[H], where m[H] denotes his quantity of money. Ophelia has the utility function u[O]= U[O](m[O]) = 42sqrt(m[O]), where m[O] denotes her q..
Suppose the own price elasticity of market demand for retail gasoline is -0.7, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $2,000,000 annually. What is the price elasticity of demand for a representative gasoline reta..
What are macroeconomic factors and are they useful for economic forecasting? What are economic indicators? Are any of them useful for forecasting economic growth?
Does a monopolistic competitor produce more or less output as compared to an efficient level of production? Explain. What are the benefits and drawbacks of this? Should the government intervene to alter this?
In 1191, Three-year old Douglas Moore was playing with one of BIC’s lighters. While playing with the lighter, he started a fire that severely injured his 17-month-old brother. BIC Manufactures Inc. Included several child-safety warning labels on thei..
Adam and Eve live in the Garden of Eden and can trade only with each other. Adam is endowed with 60 units of Pleasures of the Spirit and 80 units of Pleasures of the Flesh. Eve is endowed with 40 units of Pleasures of the Spirit and 120 units of Plea..
q1. frank gunter owns an apple orchard. he employs 57 apple pickers and pays them 15 per hour to pick apples which he
Average spending is $2,560. Those with a family history of cancer (4% of the population) spend $40,000 on average, and those with no family history (96% of the population) spend $1,000. Which of the following statements are true?
In a particular economy the real money demand function is, M^d/P = 3000 + .1Y - 10,000i. What is the real interest rate,r, that clears the asset market when Y =8000? when Y = 9000? Graph the LM Curve. Repeat part a for M = 6600. How does the LM curve..
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