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Solved Problem 3.3 claims that a new war in the Persian Gulf could shift the world supply curve to the left by 3 million barrels a day or more, causing the world price of oil to soar regardless of whether we drill in ANWR. How accurate is that claim? Use the same type of analysis as in the solved problem to calculate how much such a shock would cause the price to rise with and without the ANWR production.
Problem 3.3
Six out of ten teens no longer use watches to tell time-they've turned to cell phones and iPods. Sales of inexpensive watches dropped 12% from 2004 to 2005, and sales of teen favorite, Fossil, Inc., fell 19%. (Leslie Earnest, "Wristwatches Get the Back of the Hand," Los Angeles Times, April 16, 2006.) On the other hand, the price of inexpensive watches has not changed substantially. What can you conclude about the shape of the supply curve? Illustrate these events using a graph.
The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $92350, then what is his average tax rate, in percentage term..
Repeat the previous exercise but include a tax on interest income. Graph the steady state capital-labor ratio against the tax rate. Comment on the results.
A new piece of materials handling equipment costs $20,000 and is expected to save $7,500 the first year of operation. Maintenance and operating cost increases are expected to reduce the net savings by $500 per year for each additional year of oper..
(Long-Run Phillips Curve) Suppose the economy is at point d on the long-run Phillips curve shown in Exhibit 6. If that inflation rate is unacceptably high, how can policy makers get the inflation rate down? Would rational expectations help or hind..
Explain the elements of SWOT analysis. Describe how these elements (SWOT) analyses have in common? WhIle all mentioning how they are different
Determine national income (NI) for 2008 and what does national income tell us? Discuss the difference between GDP and NI?
Compute the domestic price of turnips and the associated quantity traded with the quota in place?
The four-firm concentration ration for the 494 breweries operating in the US is 91 percent, your team has put together a report suggesting that the merger does not present antitrust concerns even though the two firms each enjoy a 15 percent share ..
Firm M and N compete for a market and decide independently how much to advertise. Each can spend either $10 million or $20 million on advertising. If the firms spend equal amounts, they split the $120 million market equally.
Sketch a demand for money curve and a supply of money at $2 trillion. Identify the rate of interest at which people would hold this quantity of money. Illustrate the effect of an increase in the demand for money. Show how the Fed could act to keep..
A credit card company wants your business, If you accept their offer and use their card, they will deposit 1% of your monetary transactions into a savings account that will earn a guaranteed 5% per year.
Integrate the above expression with the initial condition that at t = 0, [A]=[A]0, and obtain the equation for A as a function of time.
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