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Problem 1 Assume that the price of smartphones increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply. Is supply elastic or inelastic? Describe at least one factor that determines Price elasticity of supply (note, this is different than PE of Demand). Hint: To answer this question we need to use the midpoint formula. Assume we have the two ordered pairs (Q1,P1) and (Q2,P2). Problem 2 Compare and contrast a public good versus a private good. What are the principal characteristics of each? What are the two key characteristics of public goods? Is there a free rider problem when it comes to public goods? Why? Do you consider your local police force a public good or a private good? How come? How about your local TV service? Please explain your answer. Problem 3 Use the following to answer the questions below: z is the marginal utility per dollar, x is the amount spent on product A, and y is the amount spent on product B. Assume MUA = z = 10 - x and MUB = z = 21 - 2y. Assume that the consumer has $10 to spend on A and B; that is, x + y = 10. (a) What is best way to allocate the expenditure of the $10? (b) What is the marginal utility per dollar in the optimal allocation?
Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Assume a consumer who has current-period income y=200, future period income y’=150, current taxes t = 40, and future taxes t’= 50, and faces a market interest rate of r=5 percent or .05. The consumer would like to consume such that c’=c*(1+r) if poss..
question 1. a. using the data from table calculate the elasticity of demand and elasticity of supply at each price
1. recently the obama administration proposed a 1.00 per unit pack excise tax on cigarettes which would be imposed
assume preferences can be represented by the following utility functionux1 x2 x1 x22a. is the utility function
How much labour should be allocated to plant Alpha and to plant Beta? And, at the best allocation, what is the output produced?
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant,..
Compute the unique Pareto-efficient allocation of the "Robinson Crusoe Economy" and illustrate the producer's and the consumer-worker's problems in one and the same diagram.
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge (E).Therefore, overall knowledge (K) can be expressed as
What, if anything, can Western countries do to help improve the political climate for doing business in Vietnam? Give specific examples.
Why did the gold standard collapse? Is there a case for returning to some kind of gold standard? If so, what is it? What opportunities might current IMF lending policies to developing nations create for international business? What threats might they..
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