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Suppose a taxicab company is expected to earn annual above-normal profits of $10,000. Assume the interest rate is 5%.
a. Derive the price of a medallion if entry regulation is expected to continue forever.
b. Suppose a new technology, let's call it Uber, will be available in two years. Uber can provide the same services as the taxi without the need for a medallion (can avoid the entry regulation). Derive the change in price of a medallion in response to this new technology.
The government uses policies like student loans and free trade to influence economy's incremental rate.
Identify two instances in the case study in which employees at Goodrich succumbed to the pressures of conformity. Consider the level at which both groupthink and diffusion of responsibility affected the actions of those involved in the A7D affair,..
In November 2013, John Adams, a customer service representative of Americo Drilling Supplies (ADS), was summoned to the Houston warehouse of Drilling Contractors, Inc. (DCI), to inspect three boxcars of mud-treating agents that ADS had shipped to ..
Calculate GDP using each of the three approachesb. Calculate the current account surplus and GNP. If the coal producer is instead owned by foreigners, what is GNP?
Explain the national defense, declining industries, and infant industry arguments for protecting a domestic industry from international competition.
Satiation occurs when people have everything that they need or want. Many economists have been fascinated with satiation. Which of the following is correct regarding satiation?
A dining facility with multiple branches caters to newlywed couples only. The ambience, special live music arrangements for each couple, and privacy of the dining sections have become a rage among newlyweds. Which of the five generic strategies ha..
which country has the greater opportunity cost of producing olive oil b)the country which would end up exporting wine and which would export olive oil after the elimination of trade barriers.Olive Oil yield 40 barrels 30 barrels
Explain whether the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved- regulating cable TV prices.
As a manager of a chain of movie theaters that are monopolies in their respective markets, you have noticed much higher demand on weekends than during the week. You therefore conducted a study that has revealed two different demand curves
Explain how one might interpret periods where these measures are significantly different from each other as periods during which supply shocks occurred.
Suppose that the government raises the minimum wage and in doing so causes real wages to increase throughout the economy. What would be the effect on the micro economy in relation to the quantity demanded of labor and the quantity supplied of lab..
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