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Beginning in 1994, environmental regulations have required that gasoline contain a new additive to reduce air pollution. This requirement raised the cost of gasoline. The Bureau of Labor Statistics decided that this increase in cost represented an improvement in quality.
a. Given this decision, did the increased cost of gasoline raise the CPI?
b. What is the argument in favor of the BLS's decision? What is the argument for a different decision?
If the economy is currently in a long-run equilibrium and the central bank increases the money supply, what effect does this have on the aggregate price level Explain why it is important to insulate central bankers from politic..
Customer demand for gasoline changes when the price of gasoline falls.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
You are looking to install a new solar energy system for your house (for heating, air conditioning, and hot water). The cost of the system is $14,000 and the annual savings in electricity for this system today is $2500. This system has a lifespan ..
Use the following information for a company's output at various levels of employment (L) to compute:
Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
The depreciation schedule for certain equipment has been arrived at by various methods. The estimated salvage value of the equipment at the end of its 6 year useful life is $600. Identify the resulting depreciation schedules. Year A B ..
A special-purpose machine tool set would cost $30,000. The entire capital expenditure ($30,000) is to be borrowed with the stipulation that it be repaid by two equal end of year payments at 15% compounded annually. The tool is expected to provide ..
Lars consumes only potatoes and herring. When the price of potatoes was 9 crowns per sack and the price of herring was 5 crowns per crock, he spent his entire income to buy 5 sacks of potatoes and 10 crocks of herring per month.
Determine the main differences in microeconomics and macroeconomics? Give an example of a microeconomic and macroeconomic phenomenon.
At the same time, Chinese consumers' incomes have risen. Assume that cars are a norma good. Use a diagram of the supply and demand curves for cars in china to explain what has happened in the Chinese car market.
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