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a) In the typical economic model of an efficient fishery, would a fall in the price of fish generally result in a larger or a smaller sustainable harvest? Why?
b) suppose the fishery allowed free access. Would a fall in the price of fish generally result in a larger or a smaller harvest? Why?
Suppose there is a permanent increase in a country's saving rate. This increase in the saving rate will cause:
Sometimes oligopolies in the same industry are very different in size. Suppose we have a duopoly where one firm (Firm A) is large and the other firm (Firm B) is small, as shown in the prisoner's dilemma box: What is Firm B's most likely choice? Firm ..
Suppose that the return on short-term government securities (perceived to be risk-free) is 5%. Suppose also that the expected return required by the market for a portfolio with a beta of 1.6 is 18%. According to the capital asset pricing model (CAPM)..
A set of cash flows begins at $200,000 at the end of year 1. It deceases by 10% at the end of year 2 and so on, until n = 10 years. If the MARR = 8%, what is the PW of the flow? Lucky Linda, a very good Avon salesperson, is averaging $100,000 per yea..
Suppose, Worker 1 has a reservation price of 41 cents; worker 2s reservation price is 42 cents; worker 3s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the dema..
Consider a consumer with preferences defined over x and y. Is it possible that they would choose to consume some of both commodities when their income is I but would choose to consume only x when their income is I’ > I? If so, depict such a case. Oth..
The market for grapes is given by the following supply and demand equations: Q = 120 – 15P Q = 20 + 5P a. Identify the demand function and the supply function. b. Compute for the equilibrium P* and Q* (Q*, P*). c. Compute the PED at (Q*,P*) AND the P..
Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping.
Market demand is given by P = 140 -Q. There are two firms, each with unit costs = $20. Firms can choose any quantity. Find the Cournot equilibrium and compare it to the monopoly outcome and to the perfectly competitive outcome. Why isn’t the latter e..
What is the opportunity cost of investing in capital? Do you think a country can "over invest" in capital? What is the opportunity cost of investing in human capital
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry?
The Theory of the Firm document, the Friedman article, and the information in chapter 4 argue that the main goal of a firm in a market economy is to maximize profit (shareholder wealth) over the long term. However, SEC regulations require U.S. corpor..
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