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A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by natural chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. The marginal cost of a typical prescription is $40. A typical small pharmacy fills 25 prescription per day. A typical consumer fills 20 prescriptions per year. What economic effects will the limit have on consumers and on pharmacists? Which group is likely to be the more effective advocate for its position?
As for her personal expenses, her apartment costs her $12,000 per year and her personal bills are an extra $6,000 per year. What is Karen's opportunity cost of running the business.
Briefly analyze in terms of supply and demand the effects upon the given market of the following events. Are these changes a shift in the demand curve, a shift in the supply curve, a movement along the demand curve, or a movement along the supply cur..
What is the difference between an equitable remedy and a remedy at law? Which is more common? Have you ever sought a remedy in a contractual sense? Are there times when you wished that you had sued on a contact in seeking a contractual remedy?
where P is the price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 50,000 per game. Assume that all seats are identical. The current price has been set at $10 per ticket. How much reve..
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
Consider a credit default swap (CDS) of a notional amount $10 million and a term of one year. The CDS spread is 120 basis points and the payment is quarterly. If the bond has not defaulted, calculate the payment from B to A in the first quarter of th..
The opportunity cost of holding money is
Eric tries to eat more healthfully by eliminating cookies, donuts, and similar snacks from his diet. Every day at work, however, co-workers bring in these treats and Eric succumbs to temptation. Which of the following concepts would behavioral econom..
How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made l..
A student has a budget of $200 for their meals outside of the home per week. One possibility is purchasing a meal at a restaurant, which we will call x1, and which costs $20, and a second possibility is purchasing a meal at the school cafeteria, x2, ..
What are the different sources of advice for entrepreneurs? What type of information would an entrpreneur be likely to get from each souce? What are the drawbacks for source?
Use the following information to answer the questions below. A local supermarket had been charging $2.00 a pound for eggplants and selling 200 pounds a week. Compute the price elasticity of demand for eggplants. When the price rises from $2.00 to $2...
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