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You own a consulting firm and are approached by a potential client with the following problem: Consider two firms—one that produces electricity, the other is a laundry/dry cleaning business. The two firms are located near each other, with the cleaning business located down wind of the power plant. The problem is that the smoke from the production of electricity at the power plant has an adverse effect on the cleaning business and their ability to get the clothes as clean as possible. Note that this is a hypothetical situation and not something you can Google to find the answer.
a) Identify and explain the issues involved in this situation.
Suppose that initially the price is $20 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently, some firms leave the industry, and the industry returns to a long-run equilibrium. What wil..
The financial crisis of 2008 caused macroeconomists to rethink monetary and fiscal policies. Economists, financial experts, and government policy makers are victims of what former Fed chairman Alan Greenspan called a "once in a century credit tsunami..
Presently, AFC has on its medical staff 10 doctors and 10 nurses. The daily wage of a doctor is $600, whereas a nurse is paid only $200 a day. Is the mix of doctors and nurses the clinic is presently using optimal? Explain.
Air China is regularly selling out the cargo belly hold capacity on its scheduled Beijing to Los Angeles passenger flights. Air China is considering leasing a Boeing 747-400 freighter (originally a passenger aircraft, but converted to all- cargo) to ..
Suppose vehicle is introduced into a central business district (CBD), doubling speed of travel for information exchange. Who financially benefits from innovation.
Analyze the equilibrium cost and quantity in this case and label it on your graph. Moreover calculate, deadweight loss, consumer surplus as well as industry profits.
The evolution of religious and intellectual authority from the end of the middle ages to modernity Europe’s changing relationships with the rest of the world. The varying and contradictory ways Europeans have conceived of and reconciled freedom and p..
Suppose the monopolist faces the following demand curve: P = 100 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. What is the monopolist’s profit maximizing level of output? What price will the profit maximi..
You are going to display what happens in the long run in perfectly competitive markets when firms are operating at a loss. Demonstrate the shift that will occur in the market in the long run if all firms in this market are operating at a loss. Identi..
How do the “rules of the game” help determine who will be poor and who will not? (Hint: How did the Civil Rights Act of 1964, which forbade discrimination on the basis of race, likely affect the incomes of African Americans compared to the incomes of..
Given below is information on all of the entries in Balance of Payments of a hypothetical developing country: What is the value of current account balance? What is the value of capital account balance? What is the value of cash reserve account?
Oftentimes, businesses target their customer service departments as costs to be eliminated (to which I agree to an extent). Customer service costs, however, are tied to quality, rework, pride in product, employee turnover, and a myriad of other varia..
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