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Question: Your car gets 24 miles per gallon (mpg) at 60 miles per hour (mph) and 20 mpg at 70 mph. At what speed should you make a 500-mile trip:
(a) If gas costs $3 per gallon and your time is worth $18/hr?
(b) If gas costs $4 per gallon and your time is worth $12/hr?
(c) If gas costs $5 per gallon and your time is worth $9/hr?
(d) Build a spreadsheet (see Appendix A) to calculate the total trip cost for gas costs of $2, $3, $4, and $5 and values of time of $6, $9, $12, $15, and $18 per hour. Do two tables: one at 60 mph and one at 70 mph.
We noted that in the 1970s price floors on airline tickets caused wasteful increases in the quality of airline trips.
Discuss the four market models and make sure each team member agrees on the specific characteristics of each type of market.
The additional benefits that arise by using an additional unit of the managerial control variable is defined as the:
Sara's income falls from $12 to $9 a week, while the price of popcorn is unchanged at $3 a bag and the price of a smoothie is unchanged at $3.
Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality.
Suppose coffee (F) and cream (C) are perfect, two-for-one complements and Jack spends his budget of $12 per day on these two goods.
Would your answer change if firms A and B had somewhat greater fixed costs of production than firms C and D?
Calculate the marginal cost and the marginal benefit at each quantity (acre) of land restored. See Cost and Industry Structure if you need a refresher.
What does this imply about the inflation rate in the US and Columbia during this time according to our long term exchange rate theory in the course?
1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss How does an import quota differ from an equivalent tariff What is best for a nation as a whole: a tariff, a quota, or free trade
What is a market structure? Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
What costs associated with the new auto-emission standards arise from decisions made in self-interest and in the social interest?
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