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It takes 1 hour to travel from New York to Washington D.C. by air and 8 hours by bus. The airfare is $190 and the busfare is $35. If a traveler wishes to minimize the total cost of making this trip, which mode of transportation should be selected if the traveler’s opportunity cost of time spent in transit is $10 per hour?
State two economic principles of taxation and which principle best justifies the excise tax on gasoline, when the tax revenue is used to maintain or improve the roads.
Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. What are some of the
If television sets are sold in a perfectly competitive market, calculate the annual number sold. Under what consiquences will the market equilibrium be efficient.
How can we use the price elasticity of demand to predict the effect of taxes? How does a minimum price (floor price) affect the market? Explain the equimarginal principle. How
As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate i
Assume initial equilibrium in the domestic automobile market. using supply and demand analysis explain what will happen to both the equilibrium price and quantity if the follo
A monopolist has an inverse demand curve given by p(y) = 12 - y and a cost curve given by c(y) = y2. What will be its profit maximizing level of output? Suppose the government
Suppose an economy’s production possibilities are represented by the function Y = A K L where Y represents total output (i.e GDP), K is capital, L is labor, and A is total fac
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