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1. Faced with the oil crisis of the mid-1970s, the U.S. Congress instituted Corporate Average Fuel Economy (CAFE) standards. These have been increased over time, most recently in 2010 for the 2012-2016 model years. (For detail on the CAFÉ standards, visit the Web site of the National Highway Traffic Safety Administration, www.nhtsa.dot. gov/fuel-economy.) These standards are aimed at increasing the fuel economy, or miles per gallon (MPG), of automobiles.
a. Briefly describe the expected environmental effect of increasing the MPG of automobiles, holding all else constant.
b. Serious criticism has been lodged against the CAFE standards because U.S. automakers res- ponded by using more plastics in automobiles (to make the cars lighter in weight) to meet the more restrictive CAFE standards. Explain how the use of this technology affects your answer to part (a). Are there any other relevant issues associated with this manufacturing decision?
Distinguish between an exact replication and a conceptual replication.
Two countries, Richland and Poorland are described by the Solow growth model. They have the same Cobb-Douglas production function F(K,L) = Kf(EL)1-f. Poorland saves 10% of its income. Richland and Poorland have the same levels of popualtion growth..
What will the following variables change? How do they change?
a) If the market cannot be segmented, what is the uniform monopoly price b) If the night club can charge according to whether or not the customer is a student but is limited to linear pricing
(a) Calculate profit-maximizing output (b) Calculate Price at profit-maximizing point (c)What is the variable cost function A firm has the following Price and Cost functions
The average retail price of the cookbook will be $30, and the average cost will be $20. Assume that the equation for demand is Q = 10,000 - 9,000P, where Q = the number of cookbooks sold per month P = the retail price of books.
The banking market in Athens, Ohio, currently has four banks with market shares of 60 percent, 20 percent, 15 percent, and 5 percent. The two smallest banks have propesed a meeting. Under the standard merger guidelines of the Federal Reserve.
Refer to the above data. If the product price is $25 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be How much will the profit or loss be
Suppose that you are a monopolist who produces gizmos, Z, with the total cost function C (Z) = F + 50Z; where F represents the firms fixed costs. Your marginal cost is MC = 50. Suppose also that there is only one customer in the market
Your country is in recession. You feel that a policy of exchange rate depreciation will stimulate aggregate demand and bring the country out of the recession.
A local restaurateur who had been running a profitable business for many years recently purchased a three-way liquor license. This license gives the owner the legal right to sell beer, wine and spirits in her restaurant.
Explain how you could make a profit from this situation. What would be your profit per bushel of rice If other people exploit the same opportunity, what would happen to the price of rice in Japan and the price of rice of rice in the United States..
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