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1) Explain the challenges in measuring consumer surplus of a free product like major online applications, such as Facebook and Google Search.
2) Explain how to quantify the gains that the internet has brought to consumers.
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
Desperate David devours (consumes) only donuts and dumplings. Every donut costs $1.00 and every dumpling costs $1.50. His monthly budget for these items is $100. His mom makes dumplings at home at gives him 30 dumplings free every month.
In the long run, Martha Mowers can assemble 300 mowers per week at a total cost of $18,000; 400 mowers at a total cost of $24,000; or 500 mowers at a cost of $35,000. Using the red points (cross symbol), plot the long-run average total cost (LRATC)..
Alchem (L) is the price leader in the polyglue market. All 10 other manufactures (follower (F) firms) sell polyglue at the same price as Alchem. Alchem allows the other firms to sell as much as they wish at the established price and supplies the r..
a, If the prie of output is p>c, how much should a typicalfirm produce can there be a competitive equilibrium in this case b, If the price of output is p
initially he makes a down payment of $6,000 on a $15,000 car. The balance is paid in 24 equal monthly payments with annual interest at 12%. When he has made the last payment on the loan, he trades in the 2-year old car for $6,000 on a new $15,000 ..
Country A has soil that is suited to corn production and yields 135 bushels per acre. Country B has soil that is not suited for corn and yields only 45 bushels per acre. Country A has soil that is not suited for soybean production and yields 15 bu..
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period.
Maintenance expenditures for a structure with a 20-year life will come as periodic outlays for overhaul of $4,000 at the end of the 5th year, $6,000 at the end of the 10th year, and $7,500 at the end of the 15th year. With interest at 8%, what is ..
questions are even asking. Would you be able to explain what they are asking as well as provide me with a solution I'm more interested in LEARNING this than just getting the answer, so I really need help with the explanation of how you come up wit..
Suppose you own a movie theater and most of your costs (the band, security, the land rental, etc.) are independent of how many people show up. What is likely to be the point elasticity of demand at the price you decide to charge
Explain what we mean by "money" , and taking a "narrow" definition of this measure, how a fractional reserve banking system can take a $1000 of "high-powered" money - like cash - and expand the overall money supply
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