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Pic Inc. produces plastic toothpicks that it sells to distributors in the Southwest. During the early 1990s, the price of the plastic it uses to produce toothpicks fell by 46 percent, due to a local glut of recycled plastic containers. Assuming that the market for plastic toothpicks most closely resembles that of perfect competition and that other firms in the industry do not experience similar cost savings in the short run, what impact would this have on the profit-maximizing output, price, and profits of Pic Inc.? Graph to show the changes.
In a Terrystop context, if the explanation offered by the subject reasonably satisfies the officer that a crime is not occurring or has not already occurred, the officer:
Susan's investment portfolio currently contains three stocks that have a total value equal to $100,000. The beta of this portfolio is 1.5. Susan is considering investing an additional $50,000 in stock that has beta equal to 3. After she adds this sto..
What is the Herfindahl-Hirschman Index (HHI) for an industry in which five firms each control 20% of the market? a. 20; b. 100; c. 2,000; d. 5,000 33. Which of the following pieces of antitrust legislation banned tying contracts, limited mergers, and..
Suppose the demand and supply functions of a good are specified as follows: QD= 600-2p and QS= -200 + 3P. Equilibrium price and quantity must be:
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil
Suppose you are the manager of a home-building company and the government is considering eliminating the deduct-ability of mortgage interest payments. A Typical consumer's marginal tax rate is 25% and the elasticity of demand for new homes is -1.5..
Luxembourg imports a good at a world price of $10 each. The domestic supply curve is S = 50 + 5P where P is in Ecu and lEcu = $1. Demand curve is D = 400 - 1OP. Draw demand and supply curves for this good and indicate how much is imported.
A consumer receives income y in the current period, income y' in the future period and pays taxes of t and t' in the current and future periods, respectively. The consuer can borrow and lend at the real interest rate r. This consumer faces a constrai..
Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models? Assume the following two equations for the extraction of a natural..
Define political parties. Discuss the ways in which political parties contribute to democratic government through the functions they perform. In democracies around the world, multi-party systems are far more common than the two-party system in Americ..
An environmentally friendly green home (99% air tight) costs about 8% more to construct than a conventional home. Most green homes can save 15% per year on energy expenses to heat and cool the dwelling. For a $250,000 conventional home, how much woul..
If the quantity demanded of a good falls by 2% when income rises by 10%, then:
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