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Consider the market for apartments. The market price of each apartment is $140,000, and each buyer demands no more than one apartment. Suppose that Darnell is the only consumer in the apartment market. His willingness to pay for an apartment is $245,000. Based on Darnell's willingness to pay, the following graph shows his demand curve for apartments.
Indicate whether each of the following statements is true or false, and explain why. Producer surplus tends to fall as the supply curve becomes more elastic. Consumer surplus tends to rise as demand becomes more elastic.
In “Intellectual Property and Pharmaceutical Drugs: An Ethical Analysis,” Richard T. De George lays out what he comes to call the “Status Quo Approach” as a defense of copyright protection of pharmaceuticals. Do you find this argument persuasive ..
Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the ..
In December 1998, after a year in which Asian demand for B.C. lumber had fallen dramatically, an article in The Globe and Mail had the following headline: “Drastic Cost Reductions Needed to Save 13 B.C. Sawmills”. Does this headline suggest that B.C...
List the three most important expenditure programs of the federal government. How do these differ from the three most important expenditure programs of state and local governments? Explain why it makes more sense for the federal government to purchas..
The following six capital projects are considered for a manufacturing company and the project will end at the end of 10 years. The initial investments for the projects are 300k, 400k, 450k, 500k, and 600k. The annual return for these projects are 80k..
Assume you are assigned to conduct an audit of a municipal police department that has been awarded a state and federal grant to reduce driving while intoxicated violations over an 18- month period. What documents, statistics and analysis would you wa..
Interview a business person to learn how purchases are made in his or her organization. Ask this person to describe a straight rebuy, a modified rebuy, and a new-task-buying situation that took place recently or of which he or she is aware (you may n..
Think about the demand for the three popular game consoles: XBox, PS3, and Wii. In each of the scenarios below, briefly describe the effect on (a) the demand for XBox games and (b) the quantity of XBox games demanded
Image that the mayor has hired you as a consultant to evaluate the increase in aggregate demand in the city where you live. Describe to the mayor one (1) aggregate demand and supply factor that would have the greatest impact on the economy of your ci..
Calculate point price elasticity a a price of $3 and calculate the point price elasticity at a point of $9. Is the demand price elastic or inelastic at these points?
Find the equilibrium price and quantity solving the two equations. Show graphically the demand and supply curve and mark the equilibrium wage on the graph (no graph no points). Suppose the government imposes s minimum wage of $5.50 per hour. What is ..
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