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Wire 2 is twice the length and has twice the cross-sectional area that of wire 1. What is the ratio R2/R1 of their resistances?

Test 1 Spring 2025.pdf

Now use the same graphs to consider a different policy. Suppose a price ceiling of $2 is imposed on the original sellers. However, resales by consumers are legal. The change in total surplus (deadweight loss) of the policy equals

What is the producer surplus after the subsidy

What is the efficient output level (the output that maximizes total surplus in this market)?

Consider the following statements about income elasticity 1. For inferior goods, income elasticity is negative 2. For necessity goods, income elasticity is between 0 and 1 3. When income elasticity for a good is greater than 1, the share of income spent on the good is higher with higher income Which of the above statements about income elasticity are true?

Suppose that instead of a price floor, there is a price ceiling equal to $6. Consumer surplus equals

The price of smidgets increases. Assume smidgets and widgets are complements.

What price clears the market?

The price of wood increases. Wood is an input in the production of widgets