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How do I calculate producer and consumer surplus from this information? :
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon.
This is a 33% increase in price from January 2008.
During that time, the total quantity of gasoline purchased fell by 3%.
Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels.
No viable substitute has been created to replace gasoline.
Write one page powerpoint style on how current commodity prizes are impacting globla economy. Please touch on 3-4 commodities in you powerpoint.
Suppose the market demand for a good is described by the demand function P = 160 - 2Q. It follows that the total revenue function relating the total revenues (TR) to the quantity sold (Q) is:
There are only two consumers, Bill and Ted, and two goods, apple and bananas. Bill and Ted like apples and oranges. Bill is always willing to substitute 1 apple for 3 bananas. So Bill's utility function is U(b) = 3A + B. Ted is always willing to subs..
q1. the simple is-lm model predicts which cutting the governments budget deficit will reduce output in the short-run.
The traditional U.S. auto industry (the Big Three) has struggled for many years against competition from foreign-owned automobile companies. Their struggle was dramatically heightened in 2008 with the world-wide credit crunch and economic slowdown. A..
Assume an economy with a total population equal to 1. Individuals can only be employed or unemployed. Suppose this economy's steady-state unemployment rate is 5%. We know that workers can lose their jobs and become unemployed with probability 4%. Wha..
A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The restaurant uses seven hours of server time per unit of machinery time. Write down the isocost equation for the restaurant.
What effect would a 30 percent reduction in the number of new homes completed have on Mapco's sale.
The concept of balance of power is fundamental in international relations. What does it mean? How meaningful can it be at the beginning of the 21st century, given the impact of globalization and modern warfare in which one's opponents may not be atta..
According to studies undertaken by the US Department of Agriculture, the price elasticity of demand for cigarettes is between – 0.3 and – 0.4 and the income elasticity is about + 0.5. Suppose a major brokerage firm advised its clients to buy cigarett..
Consider the following demand curve for apples. Price (in dollars),10,9,8,7,6,5,4 Quantity (in Bushels), 1,2,3,4,5,6,7 a) Find the price elasticity of demand between the prices $8 and $9. Is the demand curve elastic at this point? If so, why? If not,..
Floyd is now working in a job that pays $18,000 per year. He is contemplating a one-year automobile mechanics course that costs $1,000 for books and tuition. The current interest rate is 10 percent. Is it economically rational for Floyd to enroll in ..
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