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Three individuals have $1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9a0.1. The price of gum is $9 and the price of cigarettes is $12. What is the market surplus/shortage at a price of $12 when the supply of cigarettes is 5?
There will be a surplus of 2/3 cigarettes.
There will be a surplus of 3 cigarettes.
There will be a shortage of 3 cigarettes.
There will be a shortage of 2/3 cigarettes.
Expansionary Fiscal Policy relies on changes in tax collections and government spending to achieve a non inflationary level of employment. Given this definition what actions and projected consequences did President Obama enact to realize this goal.
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. Who is making the b..
The graph above depicts a situation where, if the market demand for the product increases, the prices of the resources used by the firms in the industry would
Illustrate what output level would a perfectly competitive firm produce.
How can managers deal with these problems? If a US corporate headquarters asks a manager to offer kickbacks or other bribes, what are the options?
The AS/AD model is an excellent way to understand how specific policies and actions affect output and prices in an economy. What is the aggregate demand (AD) curve? What are the components of AD? What factors can shift the AD curve?
Wal-Mart had sales of approximately $425 billion in 2012. If Wal-Mart continues to grow at the rate it has exhibited over the past fifteen years, its sales will approximate $3.0+ trillion in 2020. How likely is to occur? Why? Explain in detail the ..
Suppose we are given the firm’s marginal rate of technical substitution of labor for capital at the combination of labor and capital firm currently uses. Can we determine the Firm’s marginal product of labor and the margianl product at that combinati..
Assume an endogenous growth model with labour augmenting technology.
Review the discussion in the lesson regarding the financial crisis. Discuss each of the following points. Use sources from the ITT Tech Virtual Library to add to your answer.
To what extent have advanced and accessible digital technologies, such as websites, digital photography, and YouTube, changed the relationship between art and technology? Are these technologies reshaping our attitudes toward artists?
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