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Which of the following statements is not correct? a. If firms can easily substitute another input for the one that has increased in price, there may be little increase in costs. b. If an input constitutes a large fraction of total costs, an increase in its price will raise costs significantly. c. If firms find it difficult or impossible to substitute for the input that has become more costly, then costs may increase rapidly. d. None of the above. Explain.
Illustrate happens to the amount of debt held by the public. Illustrate what happens to the level of gross debt.
Suppose you have the following demand and supply schedules: Qd = 900-10p+2Y and Qs= -50+25P where Qd and Qs are quantity demanded and supplied, respectively, Y is average income (in 1000s) in the area and P is the price of the good. Suppose Y=50. Fin..
The market for beer is perfectly competitive. The price of a barrel of beer is $40. Fine Beers is a company that produces the beer and has total cost function of TC = 480 + Q2 (Q squared). It also has a marginal cost given by MC = 2Q, where Q is barr..
Each of the players chooses an (integer) amount between $180 and $300. Both players receive the lower amount. Five dollars are transferred from the player who chose the larger amount to the player who chose the smaller one. Which strategies survive r..
A firm has a production function Q = F(K,L) with constant returns to scale, where K is units of capital and L is units of labour. Input prices are r = $2 per unit of K and w = $1 per unit of L. When it produces 5 units of output, it uses 2 units of c..
tate in words and show with a graph the effect of the following events on equilibrium price and quantity of the market given. Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy ..
There are two distinct sectors: taxidermists (X) and tap dancers (T). It is surprising that there is complete labor mobility between the two sectors. There are 200 equally talented workers who supply their labor inelastically.
As an analyst for the aircraft manufacturer Airbus aircraft (A), your job entails advising Airbus on pricing strategies regarding their aircraft. You estimate that the price elasticity of demand for Airbus aircraft is -0.80, while the cross elasticit..
Identify a PLC company that uses strategic management - this company may be prosperous, booming, in decline, or in economic difficulties.
Part A The allocation of promotional dollars between ‘pull’ (consumer promotions + media advertising) and ‘push’ varies drastically for many advertisers across countries. What are the factors behind these variations?
Consider the Solow model economy that begin with a capital stock equals to 300 billion and suppose its steady state level of capital is 500 billion. To its pleasant surprise, the economy receives a generous gift of foreign aid in the form of 100 bill..
Daniel makes ice cream. He currently produces 22,000 ounces of ice cream a month using 200 units of capital and 300 hours of labor. With his current production mix the marginal product of capital is 600 ounces and the marginal product of labor is 350..
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