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How many units of pork will the government be forced to buy to keep the price at $2.25? How much will the government spend in total? How much does producer surplus increase?
Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this relate to your answer to part (a)?
The licorice industry is competitive. Each firm produces 2 million strings of licorice per year. What is the marginal cost of a string?
Write down a utility function that represents Britney's preferences over dresses and hats. What is the exact value of Britney's indirect utility?
What are the Joseph's demands for roses and tulips as a function of prices and income{PR, PT, I}? You will have three cases depending on the relationship between PR and PT."
Omar has a budget he can spend on coffee, doughnuts, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
How long would it take for the price level to double if inflation persisted at (a) 2 percent per year, (b) 5 percent per year, and (c) 10 percent per year?
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase?
Suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation? What term do economists use to describe this second outcome?
Not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force? What is the official unemployment rate?
Is good Z a substitute or a complement? Pz is a negative value (-0.2). Can we say confidently whether good X is a normal good or an inferior good?
The players are risk neutral. Construct a symmetric mixed-strategy equilibrium in which every bid less than 1.00 as a positive probability.
Soldiers have no income other than their Army salary. Find the indirect utility function and the expenditure function for the typical soldier.
Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain
could future generations be worse off? if external finacing eliminates crowding out, are future generations thereby protected?
Suppose that the Army abolishes the housing allowance in part c. What salary would be required for the soldiers to be as well off as with the allowance?
What was one of the greatest changes in relationships between European colonizers and indigenous populations after 1870?
The risk-adjusted discount rate in this project is 10%. If all the expenses are fully deductible, and all gains are taxable, should he undertake this project?
But in Southlandia, wage rates are set at the beginning of each odd year and last for two years. Why would equal-sized falls in aggregate output due to a fall in aggregate demand have different effe
What is the utility level with the allowance? How much housing does the soldier purchase? How much does a soldier receive in housing subsidy?
Suppose the production function for high-quality Brandy is given by: q=K^1/2L^1/2, where q is the output of brandy per week and L is labor hours per week. In the short run, K is fixed at 100, so th
20 pizzas at $10 each. Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year.
The canadian demand for the US dollar is downward sloping and the supply of the US dollar to Canadians is upward sloping. Assuming a system of flexible exchange rates between the US and Canada, grap
Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig+ Xn. Calculate the equilibrium level of income or real GDP for this economy.
Suppose all tax collections are fixed (instead of dependent on income) and all spendigand transfer programs are fixed (in the sense that they do not depend n th state of the economy, as, for exampl