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Q. Show consumer surplus and producer surplus in this case. Be sure to separate consumer surplus of lottery winners from that of concert goers. Compare this to consumer and producer surplus when tickets are sold on a first come, first served basis. Who gains and who loses? Is re a deadweight loss? C. Briefly discuss how your answer to part (b) would change if resale were prevented. 3. Let supply curve for Tony Lama genuine sting-ray skin cowboy boots be given by following equation: Qs= 4p and demand curve be given by: Qd= 6000-2p. A. What is equilibrium price and quantity? B. What is elasticity of demand for hamburgers at equilibrium? (Your answer should be a number.) C. What are consumer surplus and producer surplus at equilibrium?
Illustrate If G rises to 200 and T rises to 150. How much would the GDP change as a result.
f the money supply is Ms1 and the goal of the monetary authorities is full-employment output Qf, they should:
Elucidate in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: "The trouble with economics is that it is not practical. It has too much to say about facts."
Suppose that Missing Link must pay a tax equal to 40% of its gross revenue. What is the optimal number of machines for the company.
Explain how does the income approach to measuring GDP differ from the expenditure approach. Explain the meaning of value added and its importance in the income approach.
Suppose that Iggi and Kurt begin trading ice cream and waffle cones with each other. Elucidate price of waffle cones (in terms of ice cream scoops) would benefit both Iggi and Kurt and make both individuals willing to trade.
Consider a couple's decision about how many children to have.Assume that over a lifetime a couple has 200000 hours of time either work or raise children.The wage is RM10 per hour.Raising a child takes 20000 hours of time.
Identify one positive or negative supply shock in the last decade and what is the impact that the shock has had in our economy.
What output market with the appropriate starting position and show what effect the contractionary policy would have in the output market.
If you advertise and your rival does not, you will make $ 10 million and your rival will make $ 3 million. If your rival advertises and you do not, you will make $1 million and your rival will make $ 3 million.
One has yearly income $10000, the other has yearly income $90000. Illustrate what is the Gini coefficient for this society.
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue. Describe the uses of elasticity of demand.
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