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Suppose you enjoy watching television on PBS, a broadcast station which you can receive on your TV with your antenna. In fact, your willingness-to-pay for a year’s worth of programming on PBS is $80. PBS is currently in a fundraising campaign to get those who watch the station to contribute to help fund next year’s programming. They are asking for a $50 contribution. If you want to maximize your consumer surplus, do you make the contribution or not?
a. Make contribution
b. Do not make contribution
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
The newly established Bureau of Time Travel has been given authority to regulate time travel. If the bureau sets a price that allows Time Riders to earn a normal profit (that is, a fair return), illustrate what price will time travelers pay per tr..
You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?
Suppose that the income elasticity of demand for hardback books is 2.5, that household incomes are rising at 2% a year., and that 2 million are initially being sold per year. The own price elasticity of demand is -0.5 and the cross-price elasticity o..
Developing countries can increase productivity growth more easily than industrial countries. Does this imply that they will eventually be able to achieve the same living standards as industrial countries? Why or why not?
The classical principle of monetary neutrality states that changes in the money supply do not influence ________ variables and is thought most applicable in the ________ run. According to the quantity theory of money, which variable in the quantity e..
Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.
Indicate whether each of the following involves an upward or downward shift in the long run average cost curve or instead, involves a leftward or rightward movement along a given curve. Also indicate whether each will have an increasing, decreasing, ..
Given economic conditions today, do you suggest expansionary fiscal policy or contractionary fiscal policy. Illustrate what effect would your suggestions have on production and employment.
A firm uses labor and capital (L, K), to produce an output. The hourly cost of labor is $10 and the hourly cost of capital is $50. Which combinations of labor and capital hours of use represent points on the firm's $100,000 Isocost line? Please show ..
When government spending increases by $1, planned expenditures increases by $1 and the equilibrium level of income will increase by $1. When taxes are cut by $1, planned expenditures increase by less than $1, and the equilibrium level will increase b..
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
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