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1. In the year 2005, in Anytown, suppose that one person is willing to pay $1,000...
I. Anytown, suppose that one person is willing to pay $1,000 for relief In the year...
I. Anytown, suppose that one person is willing to pay $1,000 for relief In the year 2005, in from hay fever, another two are willing to pay S350; about five more are willing to pay $50; one is willing to pay $40; one is willing to pay $35; the rest of the town (another 75 people) are willing to pay $1. a. Draw the demand curve for hay fever relief in Anytown. (1 point) What is the potential total benefit...
You have 10 posters. You know 10 people such that 1 person is willing to pay...
You have 10 posters. You know 10 people such that 1 person is willing to pay $9 for the poster, another $8, another $7, each successive person is willing to pay one dollar less all the way down to a 10th person willing to take the poster for free. If you can only charge one price, what price do you charge?
Suppose there is an economy with 10 people. One year the richest 2 get a raise...
Suppose there is an economy with 10 people. One year the richest 2 get a raise while the other 8 see no change to their income. What would this do to the Lorenz curve and Gini coefficient? a: The Lorenz curve would become less "bowed-out" while the Gini would fall. b: The Lorenz curve would become more "bowed-out" while the Gini would fall. c: The Lorenz curve would become more "bowed-out" while the Gini would rise. d: The Lorenz curve...
1. Suppose a market has only one seller and only one buyer of a good in...
1. Suppose a market has only one seller and only one buyer of a good in the market. The buyer is willing to pay $50 for the good and the seller is willing to accept $15. The market price of the good is determined at $30. If they trade, the social surplus will be ________. A) $15 B) $35 C) $45 D) $65 2. Many industry-wide studies of the elasticity of demand for cigarettes (an industry dominated by a few...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called consumer surplus. monopoly profits. opportunity cost. deadweight loss. Flag this Question Question 22 pts A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is elastic. unit-elastic. inelastic. consistent with zero elasticity. Flag this Question Question 32 pts A demand relationship in which a given percentage change...
SECTION 3.5: EXERCISES 1.) Suppose you want to construct a rectangular box with no lid that...
SECTION 3.5: EXERCISES 1.) Suppose you want to construct a rectangular box with no lid that is to hold 580 cubic inches of volume. The cost of the material for the sides is $0.10 per square inch, while the cost of the material for the base (made of a sturdier and more expensive material) is $0.25 per square inch. If the base is to have a length that is twice the width, what dimensions will minimize the total cost of...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Hannah in giving haircuts is her time. As she gives more haircuts, Hannah must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If...
I. Anytown, suppose that one person is willing to pay $1,000 for relief In the year 2005, in from hay fever, another two are willing to pay S350; about five more are willing to pay $50; one is willing to pay $40; one is willing to pay $35; the rest of the town (another 75 people) are willing to pay $1. a. Draw the demand curve for hay fever relief in Anytown. (1 point) What is the potential total benefit...
SECTION 3.5: EXERCISES 1.) Suppose you want to construct a rectangular box with no lid that is to hold 580 cubic inches of volume. The cost of the material for the sides is $0.10 per square inch, while the cost of the material for the base (made of a sturdier and more expensive material) is $0.25 per square inch. If the base is to have a length that is twice the width, what dimensions will minimize the total cost of...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Hannah in giving haircuts is her time. As she gives more haircuts, Hannah must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If...
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