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1. How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)?
2. When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this concept. For example, how does your mom get you to do chores? Or how do you control for shirking by those group members with lower GPAs, who have less to lose from poor individual performance?
3. Find a newspaper or magazine article that highlights a perfectly competitive situation. Write a 1-page paper on the economic performance of this market in terms of efficiency, costs, and profit.
Economics of Markets and Organizations
Two hazardous environment facilities are being evaluated, with the projected life of each facility being 10 years. The cash flows for each facility are shown in the table below.The company uses a MARR of 14%. Based on the rate of return, which is t..
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
Critics of traditional welfare programs often argue that a downside of traditional welfare programs is that when the government gives lower income people money, it causes them to work less. Compare and contrast the theoretical implications on lab..
You observe an Olympic Athlete in the long-jump. Suppose the distance of each jump is a random variable that follows a normal distribution with mean and variance2. He jumps 8 times and records the following distances.
Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points?
The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
Find the Cournot solution for the market price and output of mineral water and illustrate with a simple graph and the marginal revenue function facing a monopolist is given by: MR = 200-20Q Demonstrate that firms A and B have an incentive to coopera..
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
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