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Assume that the MPC=0.6 for every consumer in the economy. You have just received a tax cut of $20000. How this action by the government will affect your spending plans? What would be the total effect on the economy of this action? (Assume that t=0, m=0). What would be the total effect ift =0.2 and m=0.08. Are your answers the same for Problems 7 and 8? Why or why not?
A company manufactures smartphone microprocessors whose cost function is given by C=6X+9, where X is the number of microprocessor chips. The selling price per unit is P=30-3X and maximum output of the plant is 30,000 units per month. Determine the op..
Suppose the market interest rate is 10 percent. Would you be willing to lend $10,000 if you were guaranteed to receive $1,000 at the end of each of the next 12 years plus a $5,000 payment 15 years from now? Why or why not?
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Why might firms in perfect competition choose to be open on Monday, typically the slowest day of t..
Suppose you have a cash flow that pays $10 in every period from time 16 to 50 and you face an interest rate of 10%. What is the present worth of this cash flow?
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: What is the markets labor demand?
She is considering quitting her job and going to university full time for four years.
Suppose the price of airfare from SFO to JFK increases from $330 to $360 while no other variables change. In consequence, the quantity of tickets sold decreases from 180 to 140. Calculate the absolute value of the price elasticity of demand. (Hint: u..
What are the two properties of public goods? List an example of both public and private goods, andindicate whether each of them possess these two qualities. Explain why or why not.
Analyze the consequences of such a bill and whether or not you would personally favor it. Consider all the costs involved in your analysis.
Suppose you are hired to manage a small manufacturing facility that produces Widgets. You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From..
If an individual activity doesn't affect interstate commerce, but the aggregate of that activity does, federal commerce jurisdiction exist under the:
For a typical firm producing 100 units of output, short-run marginal cost is constant at $65, average total cost is $95, and average fixed cost is $30.
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