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Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline. They estimated that in mass production that care would cost $ 40,000 per unit to build. The engineers argued that Congress should force U.S. automakers to build this energy-efficient car.
a. Is energy efficiency the same thing as economic efficiency? Explain
b. Under what circumstances would the energy-efficient automobile described here be economical efficient?
c. If the goal of society is to get the most benefit from its limited resources, then why not ignore economic efficiency and build the energy-saving automobile?
Calculate the present discounted value of each career path at a discount rate of 5% and at a discount rate of 15%.
Is the federal funds rate currently too high or too low, Suppose that a year has gone by, output is now just 1 percent above potential, and the inflation rate was 1.5 percent over the year. What federal funds rate should the Fed now set (assuming tha..
Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Quantities purchased are the same but prices are not. What does this mean in terms of the marginal rate of substitution at those quantities?
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