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The widget industry in Springfield is competitive, with numerous buyers and sellers.Consumers don't differentiate among the various brands of widgets (no product differentiation).The industry demand curve is given by:Qd = 998 - 5Pw + 4 Y - 6PgAnd the industry supply curve is given byQs = +15Pw - 3 WageWhere Pw represents the price of widgets, Pg is the price of gasoline, Y is disposable personal income in Springfield, and Wage is wages paid to workers in widget factories.Currently, Y= $10, Pg = $3, and Wage = $20.Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves?
Suppose that the interest rate is 4 percent. What is the future value of $100 four years from now How much the future value is total interest By how much would total interest be greater at a 6 percent interest rate that at a 4 percent interest rat..
The cost basis for the new equipment required is $200,000 (MACRS five-year property class). Increased annual revenues, in year zero dollars, are estimated to be $350,000. what is the maximum amount that your company can afford to spend
Firm 1 at point 0 and firm 2 at point 1. The consumers transportation cost are linear in the distance to the firms localisation (d1 and d2) and the consumers are uniformly distributed on the intervall (0,1) where x E (0,1) denotes the consumers p..
A retirement income of $500,000 a year does not have as much buying power in the future as it does today. Suppose this retirement income is 40 years in the future and the inflation is 2% each year.
Suppose a country has a money demand function (M/P)d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year. a) What is the average inflation rate
Director of marketing at Vanguard Company believes that sales of the corporation's Bright Side laundry detergent (S) are related to Vanguard's own advertising expenditure,
Total Total Average Fixed Variable Total Total Marginal Quantity Cost Cost Cost Cost Cost 0 $40 0 40 X X 1 40 55 95 95 55 2 40 75 115 57.50 20 3 40 90 130 43.33 15 4 40 110 150 37.50 20 5 40 135 175 35 25 6 40 170 210 35 357 40 220 260 37.14 50 8 40 ..
What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154.What is the cross-price elasticity of demand between good X ..
The demand for life insurance, Executive Insurers, Corporation is planning the factors that affect the amount of life insurance held by executives. The following information on the amount of insurance and annual incomes of a random sample of twelve e..
The Santa Barbara Bowl (SBB) holds outdoor music events (M), earning $3 of revenue from each concert and with total costs of cM(M) = M2=8 for M concerts. Ursula is a writer who lives right next to the SBB and who sells her novels on the competitiv..
You spendthrift cousin want to buy a fancy watch for $425. Instead, you suggest that she buy an inexpensive watch for $25and save the difference of $400 for 40years in account earning 9% interest per year.how much will she accumulate in this accoun..
Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L? c. What is the m..
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