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Mercedes-Benz of San Francisco advertises that it has been owned and operated by the same family in the same location for fifty years. On that basis it makes two claims: first that it has lower overheads than other dealers in the area because it has owned the land for fifty years; and secondly that it charges lower prices because of its lower overheads.
Discuss the logic of these claims.
Elucidate Illustrate what would happen if an outside agency Concluded the prices eBay could charge.
Many manufacturers of clothing and other consumer goods open stores in outlet malls where they charge much lower prices than they charge in their own stores located within cities. Outlet malls are typically located a considerable distance from major ..
Why is technology such an important part of the labor market? Do you think technology makes workers more or less productive and how does it relate to their wages?
An engineering student bought a car at a local used lot. Including tax and insurance, the total price was $3000. He is to pay for the car in 12 equal monthly payments, beginning with the first payment immediately.
Calculate the Equilibrium buyers and sellers price with no sales tax, and then with 20% sales tax. Assume: S(P^-)=50 + 3P^- D(P^+)=370-3P^+
Consider the case of two identical firms, each with a cost function C(yi)=yi^2/1+10yi where i = 1 or 2. These are the only two firms in the market for this good. The market demand is P = -2Q +280. Write the information found in (a) – (c) into a norma..
How many parts must be produced each year to just break even? (Use AEC equation)
Two countries, Haiti and the Dominican Republic, produce fruits and timber. Each island has a labor force of 1200 and the monthly productivity of each worker is as follow Basket of fruit Board feet of timber Haiti 10 5 Dominican Republic 30 10 a. Whi..
What is consumer surplus?
Which of the following explains why big business typically spends more on rent-seeking activities than consumers?
Suppose that the demand curve for wheat is Q = 100 − 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3. Describe how the equilibrium changes. What effect does this price ceiling have on consumer surplus, producer su..
It is well-known (from chapter 10 in the text that is not covered by this test) that college graduates tend to migrate across state lines much more than high school graduates do. What does this imply about the relative willingness of state government..
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