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Suppose that country A produces two goods (C and T) under conditions of constant opportunity costs. Given its resources, the maximum C that it can make is 1200 units, and the opportunity cost of making one additional T is 4 units of C.
a. What is the maximum amount of T that it can produce?
b. Draw a graph of the PPF using the information above. On your graph, place T on the vertical axis and C on the horizontal axis. Be sure to label the axes, the numerical intercepts and the PPF.
c. What is the value of the slope?
i. What does this slope value represent?
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Assume that the demand curve is given by the following: p=20 and the supply curve is given by Q=p-5. If the government puts in place a tax of 5 that must be paid by the seller the total amount of tax revenue raised is equal to what
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
A concert is scheduled to perform at a theater with seating capacity 80. All tickets for this concert are to be sold in advance at a single uniform price per seat. Because too many empty seats can make the concert less enjoyable, the demand curve ..
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
A firm's demand function is defined as Q = 30 - 2P. a) Use this demand function to calculate total revenue when price is equal to 10 and when price is equal to 11. b) What is marginal revenue equal to between P=10 and P=11
Economists estimate that on weekends (thursday-sunday) the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q
Suppose equilibrium exists in the market for loanable funds. Use the following information to determine the quantity of funds supplied in this market. GDP $8.7 trillion Consumption Spending $3.5 trillion Taxes minus Transfers $2.7 trillion
When watching television after dinner, you suffer memory loss. You can not remember what demonstrate you just watched or what you ate for dinner.
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q = 180 - 10P, where P is in dollars. The marginal cost function of all the small salons together is SMCF = 4..
where C represents consumption, DI represents disposable income, I represents investment, G represents government purchases, T represents net taxes, Y represents real GDP, X represents exports, and IM represents imports.
design two packages for the second-degree price discrimination case so that the first package has quantity 8 for the high demand and the second one has quantity 6 for the lower demand such that the low demand group has consumer surplus at least $5..
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