Between 2009 and 2010, the poverty rate increased for children under age 18 (from 20.7 percent to 22.0 percent) and people aged 18 to 64 (from 12.9 percent to 13.7 percent), but was not statistically different for people aged 65 and older (9.0 percent).2 What is te cause, and could you explain in detail?
Consider the fireworks example from class on a public good. a. Illustrate graphically and numerically why moving from the equilibrium quantity of 2 fireworks to the efficient quantity of 3 fireworks produces a potential Pareto improvement even if only one individual must always pay for the fireworks. b. Now propose a cost sharing arrangement between the two individuals that creates a Pareto improvement when moving […]
Post a message answering the following questions: If an economist wants to test a theory on why the price of a product like gasoline fluctuates so much, what kinds of problems might he/she face in getting information? What kinds of variables exist in the market for a product like gasoline? Are some of the variables more important than others? Which? Why?
Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation:
1. If there are two goods and if income doubles and the price of good 1 doubles while the price of good 2 stays constant, a consumer’s demand for good a. 1 will increase only if it is a Giffen good for her. b. 2 will decrease only if it is a Giffen good for her. c. 2 will increase only if it is an […]
Congresswoman Gaga represents a state in which several firms manufacture furniture. She wants to impose tariffs on all imported furniture. Which of the following is the least likely consequence of such tariffs?Answer
Question: You are analyzing a certain oligopolist industry with of only two companies: firm A and firm B. Both companies have a production process with constant marginal costs of $2000. Assume there are no fixed costs. As a consequence of a change in the operating structure of firm B, their marginal cost increased to a constant amount of $2100. Firm A still produces at the […]
1. The manager of a firm wants to examine the effects of advertising campaigns onthe sales of the product. He collects data on advertising expenditure ($000s) andsales revenue ($000s) from 17 stores located in different cities, and estimates thefollowing regression equation:Salei = Bo + B1 Expenditure; + &;The output when using Excel to estimate the equation is given below:Regression statisticsMultiple R0.98R squareAAdjusted0.95R squareStandard73.52errorObservations15.00ANOVAdfSSMSFSignificantFRegression1.001544985.221544985.22285.840.00Residual13.0070264.785404.98Total14.001615250.00CoefficientsStandardt StatP-valueErrorIntercept-644.95B-8.850.00Expenditure195.0711.54C0.00a. Find […]
1. Consider an individual who is trying to determine the optimal allocation of health, H, and a home good, Z. a. Draw the Health PPF for this individual. Assume that the utility function of the individual is a standard Cobb-Douglas utility function. In your graph, draw the indifference curve that represents the optimal bundle of H and Z. label this point F and explain why […]
Q. An electrical utility is experiencing a sharp power demand, which continues to grow at a high rate in a certain local area.Two alternatives are under consideration. Each alternative is designed to provide enough capacity during the next 25 years. Both alternatives will consume the same amount of fuel, so fuel cost is not considered in the analysis.Alternative A: Increase the generating capacity now so […]
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