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In the early 1990's, a study found that moderate daily consumption of red wine reduced the incidence of heart disease in labratory rats. As a result of national press coverage of the report, the demand for red wine increased dramatically. Assume that the red wine market satisfies all of the attributes of perfect competition. Further assume tat red grapes are the most expensive input into the red wine production process.
Graph the inital reaction of individual incumbent firms to the increase in market demand. On your graph, identify the firm's revenue and cost structure, including the marginal cost and average total cost curves. Ensure that your graph shows the profit region. Will this result last?
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
Which of the following is an example of a two-part tariff? Which of the following industries is most likely closest to achieving perfect price discrimination?
The domestic demand and supply for sugar are Qd = 40,000 - 200 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market?
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450 and If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
Plot the marginal revenue and marginal cost curves and is the industry the firm operates in competitive? Is the industry in long-run equilibrium?
A company is considering purchasing a copy machine. The information is given : Investment cost $30,000 Expected life 5 year Market salvage value -$2,500 (negative means that there is a net cost to dispose of an asset) Annual receips $23,500 Annu..
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
Carl is deciding whether or not to make a farm. If he makes a farm, he will earn a $50,000 grant from the government. For every 100 head of cattle that he increase and sells.
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
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