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“This company is so unfair! They obviously don’t care about their customers. They __________!” complains Cindy Consumer. (the blank could be filled in with statements like: “They won’t discount their product like that other company,” or “(a hotel) charge a much higher price than other hotels in the area,” or “they used to take returns no questions asked, but now they have lots of restrictions.”)
1) Explain to Cindy why economists think her complaints are naïve. (Why firms mistreating their customers may actually be in their customers’ best interest!)
A company has purchased equipment ( for $52000) that will reduce materials and labor costs by $12000 each year for N years. After N years, there will be no further need for the machine, and because the machine is specially designed, it will have no M..
Suppose that the United States and the United Kingdom both use the gold standard. Their prices of gold are $35 = 1 ounce and £7 = 1 ounce, which yields an implied exchange rate of $5 = £1. Now suppose that the exchange rate temporarily rises to $5.50..
Assume your fixed cost is $250/acre, the variable cost per bushel is $1.22, and you produce 65 bushels/acre? What is your total variable cost per acre? What is your total cost per acre?
Elucidate problem which is posed by any comparison over time of the market values of various total outputs? How is this problem resolved.
Explain how does the government decide to use one form of remedy rather than the other.
Which of the following situations is likely to involve adverse selection?
Suppose that Italy and Germany both produce fish and wine. Italy's opportunity cost of producing a bottle of wine is 4 pounds of fish while Germany's opportunity cost of producing a bottle of wine is 9 pounds of fish. By comparing the opportunity cos..
Suppose that GDP is $18,520, taxes are $1,927, consumption is $4,856, transfers are $95, and government spending is $2,562. What are private savings?
q1. firms with costs c q2 36 face demand p 24 - nq and behave under the rules of monopolistic competition. compute
Scanlon was a patron of a casino owned by Mashantucket Pequot Gaming Enterprise. A casino employee watching surveillance cameras saw Scanlon standing on a box on a balcony. Concerned about his safety, two security guards went to investigate. His heir..
Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..
Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price related to average total cost? How is price related to marginal cost?
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