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Consider two rain water tank producers who are rivals.Firm 1Cost of production: $30 per tankConsumers maximum willingness to pay (i.e. the consumer's benefit): $110Firm 2Cost of production: $50 per tankConsumers maximum willingness to pay: $150[Note: Because price and profit for each firm are not known, use p1 and p2 to represent each firm's prices, and use p1 and p2 to represent profits.]
a. For each firm write a mathematical expression for the following quantities. If possible, calculate a numerical value.i. Value-Added: ii. Consumer Surplus: iii. Profit (p1 and p2)
b. Assuming that each firm has the same consumer surplus, calculate the following.iv. The price difference between the two firms (p2 - p1) v. The profit difference between the two firms (p2 - p1)
c. Is the firm that creates the higher value-added more or less profitable than the firm that creates lower value-added?
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?
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There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.
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Calculated the point price elasticity of demand for Papa burgers and calculate the optimal price for Papa burgers if marginal cost is $1 per unit.
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Calculate the equilibrium price and quantity that will prevail in a free market and calculate the price elasticity of demand and the price elasticity of supply at the equilibrium.
Franklin D. Roosevelt ' New Deal in the 1930's aid United States to go through the depression. There were famous 3-Rs: relief, recovery and reform.
Every summer, tickets are sold for a high demand event, tickets are distributed on a first-come-first-served basis at 1pm on the day of the show, but people begin lining up before dawn. Most of the people in the lines appear to be students.
Computer software utilizes skilled labor relatively intensively.If trade between the U.S. and India is free, which good will the U.S. export and which will it import? What will happen to production of the two goods (increase or decrease) in the U...
Give real world examples of each of them. How would you construct an argument around the comment "more money you have the more problems you have".
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