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According to the American Metal Markets Magazine, the spot market price of U.S. hot rolled steel recently reached $580 per ton. Less than a year ago this same ton of steel was only $260. A number of factors are cited to explain the large price increase. The combination of China's increased demand for raw steel-due to expansion of its manufacturing base and infrastructure changes to prepare for the 2008 Beijing Olympics-and the weakening U.S. dollar against the euro and yuan partially explain the upward spiral in raw steel prices. Supply-side changes have also dramatically affected the price of raw steel. In the last 20 years there has been a rapid movement away from large integrated steel mills to minimills. The minimill production process replaces raw iron ore as its primary raw input with scrap steel. Today, minimills account for approximately 52 percent of all U.S. steel production. However, the worldwide movement to the minimill production model has bid up the price of scrap steel. In December, the per-ton price of scrap was around $156 and soared to $302 just two months later. Suppose that, as a result of this increase in the price of scrap, the supply of raw steel changed from Qs raw = 4,900 + 5P to Qs raw = 100 + 5P. Assuming the market for raw steel is competitive and that the current worldwide demand for steel is Qd raw = 8,800 - 10P, compute the equilibrium price and quantity when the per-ton price of scrap steel was $156, and the equilibrium price-quantity combination when the price of scrap steel reached $302 per ton. Suppose the cost function of a representative minimill producer is C(Q) = 1,000 + 10Q2. Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this difference?
If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
George and Nancy had a $30,000 repair bill on their home after the tornado went through town. Their policy contained the usual 80% co-insurance clause. Their home's replacement value was $150,000; their policy coverage was $110,000 with a $250 ded..
Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of $25, 000 if the boat is a total loss. If the boat is not a total loss but the damage is more than $10,000, the policy pa..
Under monopoly, what is the relationship between price and marginal revenue. At what point does the firm produce in order to determine the output level and price required to maximize profits. What is the overall constraint on the monopolist
The Bertrand and Cournot oligopoly models differ with regard to whether they compete on price of quantity. The profits from each strategy are significantly different. Why?
Suppose a firms production function is given by Q= L^1/2 * K^1/2. The marginal product of labor and the marginal product of capital are given by:
Based on the example above, complete the two blanks in this sentence: "The value of a bond [rises/falls] when the interest rate increases, and bonds with a longer time to maturity are [more/less] sensitive to changes in the interest rate."
Find the capitalized cost of a present cost of $330,273, annual costs of $41,182, and periodic costs every 5 years of $75,087. Use an interest rate of 10% per year.
If hotel management decides to price-discriminate in a manner that maximizes profit, what will be the marginal revenue in each of the market segments, A and B?
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
Baby copy company is a worldwide producer of copy machines. It manufactures 10 different copieers, ranging from low-end desktop copiers that sell for a few hundred dollars to high volume document machines that retail for over $200,000.
Balance sheet: equipment = 500, inventories 100, receivables70, payables = 50, debt = 300
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