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In the early 1880’s cigarette-rolling machinery became available. Prior to this all rolling was done by hand. The machines dramatically cut the cost of rolling cigarettes. But they were not fully automatic—they needed the permanent presence of an operator in order to work. Draw representative isoquants for cigarette-rolling before and after the introduction of the machines. What were the MRTS’s in each?
The situation in which the long-run average cost curve exhibits economies of scale over the entire range of output is called a "natural monopoly." Explain why, in the case of a natural monopoly, it would be cost efficient to have a single firm serve ..
What is information asymmetry and example? What is moral hazard and example? What is adverse selection and example?
The manufacturer of Brand A automobile tires claims that its tire can save 110 gallons of fuel over 55,000 miles of driving, as compared to a popular competitor (brand B). If gasoline costs $4.00 per gallon, how much per mile driven does this tire sa..
How much profit does each firm make? Suppose Firm 2 produced 10 units of output. How much output should Firm 1 produce in order to maximize profit?
De Beers is a monopolist which supplies diamonds with constant marginal cost and constant average total cost. Draw the average cost, marginal cost, demand and marginal revenue curves. Show the price charged by De Beers without price discrimination. U..
If a political candidate said that if she were elected to Congress, she would work toward cutting federal government spending by one-third over the next four years; would she stand much chance of fulfilling her promise? Why or why not? Discuss the pr..
When traveling to other countries for business, it is important to know the male/female roles in each country. Not knowing these roles could cause problems in discussions and negotiations.
Consider a consumer who spends all of her income on two goods. Prove that it is impossible for both goods to be inferior for this individual. (Suppose the assertion is not true. Write algebraically what this means, and derive a contradiction by using..
Should economic efficiency alone be used to measure the economic value of environmental resource and damage to natural resources? What are other criteria should be considered?
Explain the concept of liability of foreignness, and discuss how it might affect the balance between the costs and benefits of international diversification.
Kathleen likes avocado also crab dip. After eating avocado also crab dip with four crackers, she switches to cheese with crackers.
Purchasing credit life or disability insurance protection is usually 1) required in order to make the loan 2) non-negotiable 3)at the lenders option 4)very costly 5)a good idea for the borrower
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