Problem Set 1 Name:______________________ Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided for the market for video games‚ answer the following questions. PRICE Q DEMANDED Q SUPPLIED $50 5 9 $45 7 7 $40 9 5 $35 11 3 $30 13 1 a) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b) What is the equilibrium price and quantity? b.) PRICE:
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Problem Set 3 Name Problem Set 3 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 6. 1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices. Price of crackers Quantity Demanded (per month) $3 80 $2.5 120 $2 160 $1.5 200 $1 240 $1.00 - $1.50: ___$-0.45________________________________ $1.50 - $2.00: ____$_-0.77______________________________ $2.00 - $2.50: _____$_-1.28_____________________________ $2.50 - $3.00: ____$_-2
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Profits Katherine Carpenter Liberty University Econ 213 Gwartney states that profits are; “An excess of sales revenue relative to the opportunity cost of production. The cost component includes the opportunity cost of all resources‚ including those owned by the firm. Therefore‚ profit accrues only when the value of the good produced is greater than the value of the resources used for its production.” An example of a profit would be bakery offers a cheesecake for $20 and the total cost to make
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PROBLEM SET 1 Name: ______________________________________________ Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided for the market for video games‚ answer the following questions. PRICE Q DEMANDED Q SUPPLIED $50 5 9 $45 7 7 $40 9 5 $35 11 3 $30 13 1 a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b.) What is the equilibrium
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Problem set 2.2 This question Is mainly concentration on the price changed effect. As the price raise ‚what is the changed to the quantity‚ turnover ‚and the market equilibrium. And the assumption are as following: The demand of the concert remain unchanged‚ the supply of the concert also unchanged( which consist on 3 concerts) ‚so the supply curve is vertical. In the question‚ the concert price in 2005 is $500 and all the tickets have been sold out which are 12000seats. The turnover is 12000seats
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Based on the information provided for the market for video games‚ answer the following questions. PRICE Q DEMANDED Q SUPPLIED $50 5 9 $45 7 7 $40 9 5 $35 11 3 $30 13 1 a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b.) What is the equilibrium price and quantity? a.) b.) PRICE: $45 QUANTITY: 7 Now‚ assume that a new government report claims that video game
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Econ 122A Problem Set 6 Name(Print)______________________ Due in class on March 14 UCI ID_____________________________ 1. In class‚ we have talked about the following simple wage equation wage = α + β female + u ‚ where female is a dummy that is equal to 1 if female‚ and 0 otherwise. ˆ ˆ Given the OLS estimates α and β for the above model‚ what are the OLS estimates ˆ ˆ for a model with a male dummy instead of a female dummy
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Econ 214 Problem Set 4 1. What determines whether a financial asset is included in the M1 money supply? Why are interest-earning checkable deposits included in M1‚ whereas interest-earning savings accounts and Treasury bills are not? A financial assest is included in the M1 money supply when it can be quickly converted into the physical form of money‚ such as dollars and coins. Interested-earning checkable deposits are included because it can be quickly accessible without limitations
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Running Head: MACRO ECONOMICS Macro Economics Econ 214 Problem Set 3 Complete all questions listed below. Clearly label your answers. 1. Will increases in government spending financed by borrowing help promote a strong recovery from a severe recession. Why or why not? 2. Does fiscal policy have a strong impact on aggregate demand? Did the shift of the federal budget from deficit to surplus during the 1990s weaken aggregate demand? Did
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Answer No. 1 Production possibility curve is a particular form of curve‚ which shows the possibility of production in a particular economy (Gwartney‚ Stroup‚ Sobel‚ Macpherson p.28). In an economy‚ the resources are scarce‚ therefore‚ it is important for the economy to make sure that‚ it keeps a balance between the productions and utilizes its resources appropriately. If the production possibility curve of an economy will move outwards then‚ the long run supply curve will have a positive change
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