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List the economic benefits of, and problems with, subsidized college education. Examine subsidized college education by considering answers to the three basic economic questions:
What to produce with limited resources?
How to produce the goods and services we select?
For whom are the goods and services produced
The BXC Company manufactures various types of parts for automobiles. The manger of the factory wants to get a better understanding of the overhead costs. The overhead costs include supervision, indirect labor, supplies, payroll taxes
A company is now licensed to manufacture a patented tool on which the patent has only 7 more years to run. The company makes 7500 copies of the tool each year and pays the inventor $100 per year plus $0.05 per tool produced.
Suppose this firm could predict next week's price but could not influence that price. What strategy would maximize expected profits in this case? What would expected profits be?
a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare.
Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this..
The U.S. Army Corps of Engineers is considering the feasibility of constructing a small flood control dam in an existing arroyo. The initial cost of the project will be $2.2 million, with inspection and upkeep costs of $10,000 per year.
If the firm can only produce one product and seeks to maximize weekly profit, write a condition that indicates when the firm should choose to produce Product 2 (where this condition is a function of the number of units sold per week).
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. the marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45. A Chinese retailer offers to purc..
A company experiences rising returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the company's short-run costs?
Suppose that a new government is elected that wants tokeep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or ashortage? Of how many un..
What would be banks' options to come up with the "cash"?
Joe's t-shirt shop is located in a small college town. the majority of business is custom t shirts for university book stores. as a sideline, they also sell t-shirts locally. the local demand is Q=200-5P. calculate output, price, and profit under ..
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