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What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set.
A company is considering purchasing a fleet of delivery vans which are available with either a diesel or gasoline fueled motor. The gasoline powered van has an initial price of $29,750, the diesel powered one costs $32,250. Both vehicles have a sa..
Assume that there are no excess reserves inthe banking system and the reserve ratio is 40 percent. John Smith finds $10,000 incash under his mattress, stashed there by his great aunt who didn't believein banks.
You are looking at the hat market. Hats sell for $15 each, and the variable cost of producing hats is Cv(H)=.25*H^2, with marginal cost MC(H)=.5*H. What is the highest fixed cost you would be willing to pay and still enter the market
Assume a consumer with the utility function U= U (X, Y) = (X + 2) (Y + 1) And the budget constraint (M = 95, Px =10 and Px =5) 95 = 10x + 5Y a. Set up the constrained maximization problem, and derive the first-order conditions.
Solve for an expression for the change in equilibrium GDP for anincrease in government expenditures equal to ΔG when taxes are held constant. An algebraic version of the simple model of the economy is: C = c0 + c1 Yd
Suppose that the market for cigarettes in a particular town has the following supply and demand curves: Qs = P; Qd = 50 - P with quantities measured in thousands of units. Suppose the town council needs to raise $300,000 in revenue
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale Explai..
(a) what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100 (b) draw a production possibilities curve showing the opportunity cost.
ADVANCED ANALYSIS Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is ..
What are the possible reasons for the price rise mentioned in the news article? Use one demand and supply model to illustrate how bird flu and Christmas season influence the equilibrium price and output in the egg market.
it has the same demand curve and there is only one firm there that also produces apples at the marginal cost of $4 per kilo. Also, each firm in every country has to pay a transportation cost of $1 per kilo to deliver its apples to the market abroa..
For both sets of calculations, compare the firm's output price and the calculated average variable cost and average total cost. Should the firm shutdown immediately when the total fixed cost equals $1,000,000 Should the firm shut down immediately ..
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