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Question: In one hour, people can make one horseshoe or one bushel of vegetables. There is a blacksmith forge where a worker can make five horseshoes or one bushel of vegetables in one hour. For each worker at the forge, there are hourly labor costs of two bushels of vegetables per hour plus other hourly inputs valued at one bushel of vegetables per hour.Using the proper units, what is the cost of a horseshoe at the forge?Transportation costs are 1/10 of a bushel of vegetables per round-trip mile. Draw a market area diagram (martini glass diagram) showing the market area of one forge.
Suppose this takes place on an island that is 40 miles long. How many forges will it take so that no one produces horseshoes at home? Draw this system of forges (horseshoe factories).
A bridge over the Coosa River currently has no tolls and an average passage of 880 cars per day. State government wants to place a toll on the bridge with the objective of raising the most revenue
One of the world's most successful cartels has been the Central Selling Organization (CSO), which controls about threequarters of the world's diamonds.
Algebraically, determine what price Katrina's Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.
Describe verbally the effect on wage rates and employment. Adjust the graph you drew for question 3, showing the monopsonistic wage rate and employment level as W2andQ2, respectively.
What is the elasticity of demand when the price is $1000 and the quantity demanded is 595?
Good profit by selling the homes and renting the shops.
After months of negotiations, the two sides signed a three-year contract that sets the wage rate at $7.25 an hour.
Suppose that in the Akerlof example, there are only eight cars ranging in quality from 1/4 to 2 ( there is no complete lemon). Hence, the mean quality level is 1.25. Determine whether the market disappears completely, and if not, how many cars wil..
sometimes market activities production buying and selling have unintended positive or negative effects outside the
When we construct the cubic total variable cost, TVC = aQ + bQ2 + cQ3, in order to confirm the theoretical properties, the parameters should satisfy
Why would a high level of British nominal interest rates relative to German rates have suggested an expectation of high future British inflation? Can you think of other explanations?
government licensing of professions is common in our economy. for example one needs a license in order to practice as a
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