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On april 20, 2010 an oil drilling platform owned by British Petroleum exploded in the Gulf of Mexico, causing oil to leak into the gulf at estimates od 1.5 to 2.5 million gallons per day for well over two months. Due to oil spill, the government closed over 25 percent of federal waters, which has devastated the commercial fishing industry in the are. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.
A firm is trying to make a decision to buy or lease a light-truck. The light-truck can be purchased for $35,000 and your firm as a marginal alternative rate of return equal to 7%. The dealer will lease the same truck for five years at $10,000 per ..
A and 20 milligrams of vitamin B while minimizing cost. An ounce of oats contributes 8.5 milligrams of vitamin A and 1.2 milligram of vitamin B, whereas an ounce of rice contributes 6.4 milligrams of A and 2.2 milligrams of B. An ounce of oats cos..
Suppose 1 year Treasury-bills were currently yielding 5.5%. Also suppose that a bank estimated that a particular loan applicant had a 30% chance of defaulting on a one year loan and that in the event of default the bank would recover only 25% of i..
A businessman wants to donate the funds to establish a new academic support program for student athletes. He is prepared to donate $10 million today (Feb. 16, 2012), one year hence (Feb. 16, 2013), and two years hence (Feb. 16, 2014) to establish
Suppose a consumer has an income of $1000 and faces prices Px = $5 and Py = $10. (a). Write the equation for this consumer's budget constraint. (b). Draw the budget constraint, placing Good X on the horizontal axis. Label it BC.
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
Post-war Recessions in the UK - Identify the periods of recession in the United Kingdom since 1955, stating clearly the criteria that you are using to define recessions.
What is the four-firm concentration ratio for this industry? ___74%_ b) What is the eight-firm concentration ratio for this industry? _____98% Suppose that the distribution of sales within an industry is as shown in the table.
Two firms currently produce the goods q1and q2separately. Their cost functions are C(q1) = 25 + q1, and C(q2) = 35 + 2q2. By merging, they can produce the two goods jointly with costs described by the cost function C(q1, q2) = 45 + q1+ q2.
Derive the law of motion of capital per worker and draw the graph of the law of motion of capital per worker, and indicate the steady state.
suppose that there are 100 identical individuals (denoted j) in the economy each with the inverse demand equation P = 200 - 60qj. How do you solve for the industry supply curve and for the industry demand curve. Solve these for equilibrium industry..
A sales engineer has the following alternatives to consider in touring his sales territory. (a) Buy a new car for $14,500. Salvage value is expected to be about $5000 after 3 years. Maintenance and insurance cost is $1000 in the first year and inc..
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