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Long-run competition. Most of the cost of a new airplane is in the research and development and in building production facilities. By contrast, the marginal cost of producing another plane is relatively low. a) (2 points) You have been hired by Boeing to recommend pricing and marketing strategies for a new plane. On one graph: Draw a hypothetical Average Total Cost (ATC) curve, the Marginal Cost curve, and a Demand (MU) curve for the plane. (Hint: The point where Demand intersects MC should be below the ATC curve.) b) (2 points) Show the area of net profit (or loss) under perfect competition for planes as the difference between average total cost and the average revenue (or the price). (Note that Boeing’s profit is the number of phones sold times price minus ATC.) What will happen to the price of planes, to sales, and to profits when Airbus comes out with a new plane?? What happens to the industry and the number of companies under competitive conditions? Why?
Economists claim that there are several causes of economic inefficiency in medical care. List three basic causes and, for each, describe why it results in economic inefficiency and poor performance in medical markets.
Which environmental protection equipment alternative should be selected? The firm MARR is 20% per year. Assume the equipment will be needed indefinitely. Assume the study period is shortened to five years. The market value of alternative B after five..
Consider a neighbourhood with 1000 residents. Each individual must choose (let’s assume simultaneously) whether to be a criminal or not. If an individual chooses to attempt a criminal act, their payoff is 200 if they succeed, but -300 if they are cau..
The difference between playing a board game and playing a video game is the a) eliminatiion of free riders b) technology of the video game c) involvement of fewer rivals or d) involvement of free rider
Expecting that wool prices would remain high, wool producers raised a lot more sheep.
Howell Petroleum is considering a new project that complements its existing business. The machine required for the project costs $3.9 million. The marketing department predicts that sales related to the project will be $2.6 million per year for the n..
AAA Personnel, Inc., discharges Barb, who feels the discharge is due to her religious beliefs. She decides to pursue an employment-discrimination claim and file suit against AAA. She could contact the Equal Employment Opportunity Commission
If quantity is 20 also if producers receive the seller's price for to output illustrate what is the amount of Producer Surplus.
Assume that the Demand curve is given as Q=250-5P and the supply curve as P=10+Q. What would be the price and quantity with perfectly competitive markets? What will happen to price and quantity if the government provides a specific subsidy of $1 per ..
Find the equilibrium price and quantity and graph the demand and supply curves. Measure the consumer, producer and total surplus for the economy. Explain the concept of welfare economics in general and in particular discuss the efficiency of the mark..
If the gini coefficient falls from .40 to .20
q.covington corporation purchased a vibratory finishing machine for 20000 in year 0. the useful life of the machine is
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