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Consider a monopolist in a market with linear inverse demand p(q) = 4 - q/2. The monopolist's cost function is c(q) = 2q. Write down the monopolist's profit function. Compute the profit-maximizing quantity and the corresponding price.
There seems to be some evidence supporting the idea of a political business cycle. That is, the economy tends to experience particularly fast growth just prior to elections and slower growth or recessions some time after elections. Use the AD/AS mode..
U.S. policy to increase the miles per gallon (mpg) of new cars is to mandate an average mpg for cars sold by U.S. manufacturers. In many countries within the European Union, the policy is to tax gasoline so that the price per gallon at the pump is st..
Using the Library, the Internet, and your course materials, briefly define and explain dynamic pricing. Select a company that uses (or has used) dynamic pricing and respond to the following questions
The manager of a supermarket lowers the price of its 24-pack bottled water from $4.60 to $3.40 and as a result, sales of bottled water increases from 400-600 packs. What is the arc price elasticity of demand for bottled water? What are some of the ap..
What is the decision facing Amazon? What factors are important in understanding this decision situation? What are the alternatives? What decision(s) do you recommend? What are some ways to implement your recommendation?
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant could rising wage rates of women explain both phenomena? Explain.
In order to create more revenues for government, taxes should be implemented on either wealthy individuals or on the luxury items they buy (i.e. jewelry, yachts, stocks and bonds, expensive cars) because they can afford them the most.
Ralph Sampson, the company's CEO, want to cut back on production of the fishing anchor so that the company can make more yacht anchors.
Consider the market for labor is segmented into the market for low skilled labor and the market for high skilled labor. If the low skilled labor market is given by the following function: labor demand: w = 35 – 0.005L; and labor supply is 4000. What ..
Define the “natural rate of unemployment” and show that its two equations are equivalent. What are its causes and what is its significance for public policy? Define “structural unemployment” and explain its causes. Use a labor market diagram to show ..
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
A remotely situated fuel cell has an installed cost of $2,200 and will reduce existing surveillance expenses by $360 per year for seven years. The border security agency's MATT is 12% per year. What is the minimum salvage (market) value after seven y..
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