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A low-carbon-steel machine part operating in a corrosive atmosphere, lasts 6 years, and costs $350 to be installed and $50 to be removed at end of life. If the part is treated with corrosion resistance, it will cost $500 to be installed and nothing to be removed at end of life. How long must the treated part last to be the preferred alternative, assuming 10% interest?
Show a model with a highly inelastic Supply Curve (such as rental units in New York City). Show the effects of a price ceiling on this market. Show: Note any deadweight loss d
Think of a strategy pursued by the company your work for, another company, or even a sports team. How can game theory help improve the outcomes for the decision makers? Explai
Identify a good that you believe meets the criteria for an inferior good. Is this good an inferior good for all income levels or is there a range of income where it is a nor
Consider the following market demand function for coal is pt = 200 - 0.1qt: A mining company own a coal mine that has recoverable deposit amount of 2000 tonnes. The firm’s mar
Consider two firms, located at each end of a street of length 1. There are customers uniformly distributed along this street. Customers incur transportation costs TC = 2x2, wh
The US can produce more of almost everything (US has an absolute advantage in the production of almost all commodities). Yet we only produce some and trade with other countrie
Using only.gov Websites report the current GDP, the current Federal deficit, the current Federal debt, the bottom line of the current (last) budget approved by Congress (surpl
The United States makes up approximately 4% of the world population but generates more than 20% of its income. The most recent number is $52, 587 per person versus a world ave
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