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Based on Figure 1 (which summarizes the demand, marginal revenue, and relevant costs for your product), determine your firm's optimal price, output, and the resulting profits for each of the following scenarios:
a. You charge the same unit price to all consumers.
b. You engage in first-degree price discrimination.
c. You engage in two-part pricing.
d. You engage in block pricing.
Explain using a diagram how a tax cut in period two affects consumption in both periods. Assume that average consumer does not believe that he/she or anyone in family will ever have to pay higher taxes in future to offset current cuts.
The natural rate of unemployment is
Output per worker yt = 4kt 1/3, the saving rate is 30 percent, and the depreciation rate is 13.3 percent. Calculate the steady-state values of capital per worker and consumption per worker.
McDonald's has enough time to hire or lay off workers but it does not have enough time to expand its kitchen or add an additional seating area.
The consumer derives utility from tutoring sessions and bowling according to the utility function U(b,t). The consumers marginal utility from each game of bowling is MUb=t and the marginal utility of each tutoring session is MUt=b+1. What is the cons..
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.
Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an elderly couple, who provide him with food and shelter. After the snowplows have cleared the roads, ..
You make a series of quarterly deposits every quarter starting at the end Quarter 1 and ending at the end of Quarter 30. The first deposit is $2,000, and each deposit increases by $100 each Quarter. The nominal annual interest rate is 8%, and is comp..
A manufacturing firm is trying to decide if it should purchase an automated assembly line. The firm currently has employees completing the assembly portion of its production process. The workers are very efficient; Should the company use the automate..
Suppose a Canadian lumber company has a world monopoly on lumber. That is, imagine that all lumber purchased by U.S. citizens is bought from this one Canadian lumber company. Suppose the U.S. government imposes a price ceiling. What is the optimal pr..
Even though the use of checks lower transaction costs when compared to the use of paper currency, it is unlikely that the use of paper or metallic currency will disappear entirely. Why?
The World View article "Foxy Soviets Pelt the West: Sable Monopoly Traps Hard Currency, Coats Capitalists" provides evidence that
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