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ADVANCED ANALYSIS Let MUA =z = 10 - x and MUB = z = 21 -2y, wherez is marginal utility per dollar measured in utils,x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B-that is,x + y = 10. How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?
ADVANCED ANALYSIS Assume the following values for Figures 5.4a and 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 $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. LO2
a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced? How large is the dollar value of the consumer surplus at that output level?b. What is the dollar value of the deadweight loss when output level Q2 is being produced? What is the total surplus when output level Q2 is being produced?c. What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?
1. Why does borrowing constitute negative saving 2. Given that a negative flow of annual national saving implies that residents of the United States are net borrowers, who must be funding this borrowing each year
Describe why a Keynesian approach to managing the macro economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a superior outcome.
Night Timers Co. manufactures glow-in-the dark products in 10 ft. rolls. At present the company's maximum production capacity is 140,000 rolls per year. The cost is stated as: C= $50,000 + 0.25 Q.
How does an increase in the price of widgets affect the: And describe the effects in detail?
How do individual firms in a perfectly competitive industry respond to an increase in the market demand for the product? Would advertising by individual firms in this type of market provide any benefits?
What is the maximum quantity of quarks it can produce and what is the opportunity cost of producing the first 600 quarks?
Critical Thinking: Last year Congress passed a bill creating a new national health care system that is not yet fully explained. What principles of economics relate to this decision
Suppose that full employment GNP (FE Y) is = 4000 A. Explicitly find the necessary change in G to get the economy to full employment GDP. B. Explicitly find the necessary change in Taxes to get the economy to full employment GDP.
If the interest group theory applies to hospitals, explain why does not it also apply to nursing homes? Would a doctor owned, for profit hospital be as attractive to physicians as a nonprofit hospital?
Suppose the bottle water industry is competitive. If a bottle of water supplied by the typical firm has an ATC of 20 cents and the market price if 30 cents.
Why do people hold their wealth in the form of money rather than another asset that will provide a rate of return higher that the rate on return
The production processes are interchangeable, and production can be adjusted depending on market conditions. The demand for both products is highly elastic in terms of price elasticity, and customers perceive the two products as close substitutes f..
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