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Assume that the inverse demand function for a two period depletable resource is P =24 – 0.2q and the constant marginal cost of supplying it is $6 (a = 24, b = 0.2, c = 6)
a. If 60 units are to be allocated between two periods, how much would be allocated to the first period and how much to the second period in a dynamic efficient allocation when the discount rate is zero?
b. What would be the efficient price in the two periods?
c. What would be the marginal user cost in each period?
d. Assume the discount rate is 5%, how much would be allocated to the first and second period?
What constraints does the consumer who follows Biblical principles have on his consumption that a non-Bible believing consumer would not have?
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Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
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When the price of a good changes, the substitution effect occurs because:
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If the tax elasticity of supply is 0.35, by how much will the quantity supplied decrease when the marginal tax rate increases from 34 to 38 percent?
Assume that if the labor market is unregulated, the equilibrium wage for workers who do not have high school education is $5.00 an hour. Assume that the government imposes a minimum wage of $6.00 an hour. Draw a supply-demand diagram that shows what ..
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