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Suppose that consumers see haircuts as an undifferentiated good and that there are hundreds of barbershops in the market. The current market equilibrium price of a haircut is $15.00. Bob's Barbershop has a daily short run total cost of .5q^2.
How many haircuts should Bob give each day to maximize profits?
How much profit will Bob earn each day?
Show Bob's market structure graphically.
Now suppose that whoever took out the loan in (b) writes a cheque for this amount and the person receiving the cheque deposits it in a branch of the Westpac bank. Show the effect of these transactions on the balance sheets of the Commonwealth Bank..
Consider a labor market where the demand for a particular category of labor is given by the equation LD = 20 – 2W. Suppose that the supply curve of workers in this market who are also native-born citizens is given by LN = 2W,
A monopolist is deciding how to allocate output between two geographically separated markets. What are price, output, prots, marginal revenues, and deadweight loss if. the monopolist can price discriminate? if the law prohibits charging deferent pric..
As an economist working at the International Monetary Fund, you are given the following data for Brazil: predicted per capita GDP, relative to the United States, as given by y = k1/3, is 0.56, and total factor productivity is 0.36. What is the observ..
"The cost of a bushel of wheat, which was $3.00 last month, is $3.70 today. The demand curve for wheat must have shifted rightward in last month and today." Discuss
At what level must be a ceiling price imposed upon the monopolist's market to cause the monopolist to supply the efficient quantity supplied?
Of the four industry structures we discussed (monopoly, competition, oligopoly, monopolistic competition), very briefly what is the main advantage and disadvantage of each? Do you see a preferred/ideal industry structure? Why/why not?
Find the exact payback period for the following project without interest.
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
The production possibilities curves above show all the possible combinations of helicopters and scooters that two towns, Millerville and Jamestown, can create using equal amounts of resources.
You are considering buying a new house that costs $300K. With probability 0.2 the roof will have to be replaced immediately. With probability 0.5 it will have to be replaced in 10 years. Otherwise it will last 20 years. A new roof costs $20K and will..
Marx saw private ownership of the means of production (i.e. industry) as the source of capitalism’s problems. Describe what “returns to the factors of production” were like in his day, and how that might have brought about a collapse of capitalism. (..
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