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Economists estimate that the supply function for the widget market is given by the following expression: q = 0.2 · π − 40 a. Calculate the demand and price at the market equilibrium if the demand is as defined in Problem 2.2. b. For this equilibrium, calculate the consumers’ gross surplus, the consumers’ net surplus, the producers’ revenue, the producers’ profit and the global welfare. 2.4 Calculate the effect on the market equilibrium of Problem 2.3 of the following interventions: a. A minimum price of $900 per widget 46 2 BASIC CONCEPTS FROM ECONOMICS b. A maximum price of $600 per widget c. A sales tax of $450 per widget. In each case, calculate the market price, the quantity transacted, the consumers’ net surplus, the producers’ profit and the global welfare. Illustrate your calculations using diagrams.
Mitchell's income is $150, the price of X is $4, and the price of Y is $2. Given these prices and income, Mitchell buys 20 units of X and 35 units of Y. Call this combination of X and Y bundle J. At bundle J, Mitchell's MRS is 1. Given these prices a..
Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences manager..
The Diamond Outlet has current earnings per share of $1.96 and an expected earnings growth rate of 2.2%, the required return on the stock is 13% and current book value per share is $12.70. What is the current market value of this stock?
An investor would like to purchase a $2,000,000 new apartment house and has two financing options under consideration: Option 1 includes a 70% loan to value mortgage for 15 years at 6.5% interest and 3% closing costs. Compute the APR for each mortgag..
Production possibilities analysis implies that an individual nation is limited to the combinations of output indicated by its production possibilities curve. Do you agree or disagree with this statement?
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
Demand for microprocessors is given through P=35-5Q, where Q is the quantity of mircochips. The typical company total cost of manufacturing chips is Ci=5qi, where qi is the output of company i.
the probability of damage between $10,000 and $25,000 to be.12 If the company wants to make a profit of $200 above the expected cots, what should be the price of the policy?
Given the production function Y = A and fixed values for the saving rate and depreciation, if productivity is growing at an average rate of three percent, and the labor input grows at two percent, there is a unique growth rate of capital that is sust..
question the table sets out the demand and supply schedules for chewing gum. a draw a graph of the market for chewing
What is the largest constant consumption stream you can afford?
Assume a perfectly competitive firm is producing a level of output at which MR
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