(Solved):Q: In Alabama, thos…

Question

In Alabama, those who hunt and kill alligators for commercial purposes (that is, to sell them) must have a license.  The state government places a limit on the number of commercial licenses it issues. For purposes of this question, assume that the number of wild alligators roaming around Alabama is unlimited.

 

Suppose that the demand for Alabama alligator sausage increases.

 

  1. In the short run, what will happen to the price of Alabama alligator sausage, the profits of Alabama alligator sausage producers, and the number of Alabama alligator sausage producers? Explain your answers.

 

  1. In the long run, what will happen to the price of Alabama alligator sausage, the profits of Alabama alligator sausage producers, and the number of Alabama alligator sausage producers? Compare the long-run equilibrium to the equilibrium that existed before the increase in demand. Explain your answers.

(Solved):Q: please answer th…

Question

please answer the following questions in the image below based on macroeconomics to your best ability 

The data below are from the economies of Ishgandar and Nonburmia.
Ishgandar
Nonburmia
GDP
Nominal
GDP
Nominal
Year
Population
Year
Population
Deflator
GDP
Deflator
GDP
1
5
100
$200
1
10
100
$300
2
5
125
$375
2
10
110
$440
a) Calculate each of the following for Year 2. Show your work.
i) Real GDP per capita for Ishgandar
ii) Real GDP per capita for Nonburmia

The data below are from the economies of Ishgandar and Nonburmia.
Ishgandar
Nonburmia
GDP
Nominal
GDP
Nominal
Year
Population
Year
Population
Deflator
GDP
Deflator
GDP
1
5
100
$200
1
10
100
$300
2
5
125
$375
2
10
110
$440
a) Calculate each of the following for Year 2. Show your work.
i) Real GDP per capita for Ishgandar
ii) Real GDP per capita for Nonburmia

(Solved):Q: A manufacturer h…

Question

A manufacturer has found out that if he is to increase his current sales, he must lower his current price. His marginal revenue (MR) from an output x is given by the expression MR=148 – 2x. The marginal production cost (MC) is Ksh 36 and fixed costs amount to Ksh 1,000.

Required

  1. i) Derive the revenue and total cost functions.
  2. ii) Determine the output and price that would maximize profit.

iii) Compute the maximum profit.                                                                                          

(Solved):Q: Question Mrs. …

Question
Question

Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags, since these are the only two items that provide her utility. Furthermore, Mrs. Griffiths insists that for every dress she buys, she must also buy a handbag.

Assume for this question only that when the price of dresses decreases, less of that good is demanded. Illustrate the income and substitution effect of this price decrease

(Solved):Q: Assume that in C…

Question

Assume that in Country A, the average annual income of a typical person is $180,000. Annual consumption of black caviar is estimated at 4.5 kilos. The income elasticity of demand for black caviar is 1.25. What would average annual income have to be for consumption of black caviar to rise to 7.5 kilos?

Use the midpoint method in your calculations.

(Solved):Q: Suppose you esti…

Question
Suppose you estimate following model Y, = Bo+B,X1 +B2X2 ++B10X10+u. You would
like to test joint significance of all explanatory variables in explaining Y and you have 200
observations. The number of restrictions is
and your degrees of freedom in unrestricted
model are
O 10; 190
O 11: 190
O 10; 189
O 11,189
None of the above

Suppose you estimate following model Y, = Bo+B,X1 +B2X2 ++B10X10+u. You would
like to test joint significance of all explanatory variables in explaining Y and you have 200
observations. The number of restrictions is
and your degrees of freedom in unrestricted
model are
O 10; 190
O 11: 190
O 10; 189
O 11,189
None of the above