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1) Evaluate the following statements: "A warmer than usual winter produced an abundance of oranges in Florida. This is an increase in supply which will reduce prices. The reduced prices will lead to an increase in demand which will push prices back up. Overall, the price of oranges will be relatively unchanged."
2) In recent years, Detroit shut off water to some city residents because of unpaid bills. Those opposed to these shut offs, including the United Nations, claim that city tap water is a public good. Evaluate this claim.
3) A local taxi-owner's union is meeting to decide whether to raise the minimum ride price from $5 to $6. This price is the flat rate any rider pays who travels less than 2 miles. An economist at the meeting tells the group that studies have shown that short-trip rides have an elastic demand. What will happen to taxi revenues if the increase in the price floor is adopted and why? (the explanation is what counts here).
4) In the 1980s, there were far fewer apple varieties than there are available today. In the early 1990s, researchers at the University of Minnesota patented the seeds for the now-popular Honeycrisp apple variety they bred. As that patent nears expiration, explain how this market will change. Explain what type of market structure the Honeycrisp was in in 2001. Were long run profits possible? Why or why not? What type of market structure will the Honeycrisp apple be in in 2016 when the patent will have expired? Are long run profits possible? Why or why not?
The inverse demand function for grapes is described by the equation p = 518 - 5q, where p is the price in dollars per crate and q is the number of crates of grapes demanded per week. When p = $38 per crate, what is the price elasticity of demand for ..
The Dominion Freight Company has invested $50,000 in a new sorting machine that is expected to produce a return of $7,500 per year for the next 10 years. At a 7% annual interest rate, is this investment worthwhile?
Assuming your Best Alternative to a Negotiating Agreement (BATNA) is letting a court sell your shared property, discuss how it may help you reach an agreement. Recommend other strategies that you could use to accomplish a successful negotiation.
In the first half of the report you introduce ideas, then in the second half of the report you will discuss and evaluate these ideas to identify what is most important.
Define power from an organizational behavior perspective. What is the difference between power and influence? What are the six forms of position power and the four forms of personal power? Briefly describe each form. What is leadership and how does i..
What is the equation of the demand curve if consumer incomes are$30,000, the price of good Y is $10, and the price of good Z is $20? Graph the demand curve that you found in (b), showing intercepts and slope. If the price of good X is $15, what is t..
Raphael enjoys going to the theater to see plays, and he also enjoys going to rock concerts. The following diagram shows two of Raphael's indifference curves for going to plays and concerts. With Raphael's initial budget constraint (BC_1), he chose t..
After completing its capital spending for the year, Carlson Manufacturing has $1,100 extra cash. Carlson’s managers must choose between investing the cash in Treasury bonds that yield 5 percent or paying out the cash to investors who would invest in ..
Crimes Against Public Order. In some legislative contexts, public interests take precedence over individual rights and freedoms, and the crimes appear to be "victimless." Give several examples of crimes in this category and use the examples to illust..
A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer. If only one bidder values the item at or above the reserve price, that bidder pays th..
What is the minimum price at which the firm would be willing to supply a positive amount of output in the short run? Label this on your graph.
Suppose that you increase production from 100 to 101 units of a good. After doing so, your TR remains unchanged. Is the price elasticity of demand for this good elastic, inelastic, unitary elastic?
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