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Professor Goodheart gives 3 midterm exams. He drops the lowest score and gives each student her average score on the other two exams. Polly Sigh is taking his course and has a 60 on her first exam. Let x2 be her score on the second exam and x3 be her score on the third exam. If we draw her indifference curves for scores on the second and third exams with x2 represented by the horizontal axis and x3 represented by the vertical axis, then what is her indifference curve through the point (x2, x3) = (50, 70)
Suppose that the marginal damages to society from air pollution are MD=e-25, where e is the level of air pollution. Suppose also that the marginal cost of reducing the air pollution on the part of firms is MC=200-2e.
If the government imposes a usury law and says that car loans cannot exceed 3 percent per year, how big will the monthly shortage (or excess demand) for car loans be What if the usury limit is raised to 7 percent per year
Joe Sabia, an assistant professor of public policy at American University in Washington, D.C., says that a 10 percent increase in minimum wage reduces retail employment by 1 percent and reduces employment among young workers by 3.4 percent.
The firm believes that AVC varies with the level of output and wages. Alan Anderson, the economist in the research department of the firm, collects monthly data on output (the number of diskettes produced), average variable costs, and wage rates p..
Let MUA = z = 10 ? x and MUB = z = 21 2y, where z 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 = 1..
if the interest rate is 10%, what is the present value of a security that pays you $1100 next year, $1210 the year after, and $1331 the year after if the security sold for $3500, is the yield to maturity greater or less then 10% Why
Suppose a monopolist faces the following demand curve: P=596-6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maximizing level of output What price will the profit maximizin..
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 - 4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF. a. What is the follower's reaction function QF = - Q..
A firm is the only seller of the same good in two markets, market 1 and market 2. The inverse demand in market 1 is p1 = 200 ? q1, and the inverse demand in market 2 is p2 = 100 ? 2q2. The marginal cost of production is constant and equal to 40. t..
You work on a doughnut farm--you grow doughnuts. In each period, you are able to grow 20 doughnuts. If you go to the coffee & doughnut exchange, you may buy and sell doughnuts for $1 each, and buy and sell coffee for $2 each.
The store found that 75% of all sales made to credit card users were for purchases of the new line of sportswear, while 30% of all sportswear sales were for the purchase of the outdated fashions. Records indicate that credit cads are used in 80% o..
The real risk-free rate is 3.3%. Inflation is expected to be 3.15% this year, 4.25% next year, and then 3.4% thereafter. The maturity risk premium is estimated to be 0.05(t - 1)%, where t = number of years to maturity. What is the yield on a 7-yea..
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