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In the wake of the energy crisis in California, many electricity generating facilities across the nation are reassessing their projections of future demand and capacity for electricity in their respective markets. As a manager at Florida Power & Light Company, you are in charge of determining the optimal size of two electricity generating facilities. The figure below illustrates the short-run average total cost curves associated with different facility sizes. Demand projections indicate that 6 million kilowatts must be produced at your South Florida facility, and 2 million kilowatts must be produced at your facility in the Panhandle. Determine the optimal facility size (S, M, or L) for these two regions, and indicate whether there will be economies of scale, diseconomies of scale, or constant returns to scale if the facilities are built optimally.
Prepare a demand schedule for both demand curves and prepare them on an Excel graph. Calculate the marginal revenue for each.
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
From this information, can you devise a general rule explaining how the Herfindahl-Hirschman index is affected when exactly two firms in the market merge? (Hint: compare a2 + b2 with (a + b) 2)
Based on economist Albert Rees, there is evidence that contracts sometimes exist "among employers not to increase wages individually or not to employee away each other's workers
The Rusty Anchor Bar has two-types of patrons: legal and underage drinkers. Even though it is illegal to allow entry to underage drinkers, there is no perfect way to identify underage drinkers since they often use fake identification card.
Explain how does the economy effect the Airline Industry. What are economic influences that affect the industry in a negative way.
Describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
Determine the basic assumption about the velocity of money transforms the equation of exchange into the quantity theory of money?
Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
Explain the difference between inferior goods and normal goods. As a developing economy experiences increases in income (measured by GDP), what do you predict will happen to the demand for inferior goods. Explain the theory that education acts as a..
Assume that the price elasticity of demand for good. Describe how much consumption changes.
For each hour of work, the employer deducts $1 and sends the money to the city government. The initial wage (Before the tax) is $10, and total employment is 20,000 hours per day. Use a graph to show the effect of the tax on the equilibrium wage an..
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