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1. Which types of firms would normally maximize profits along with real-life examples?
2. Should a firm shut down if its weekly revenue is $2,000, its variable cost is $1,000, and its fixed cost is $1,600, of which $1,200 is avoidable if it shuts down? Why?
3. A producer of ballpoint pens has been purchasing ink from an ink supplier and its considering acquiring the ink supplier. Would the pen company be more or less likely to vertically integrate by buying the ink manufacturer if the government taxes ink? Please explain.
What is the cost-effective pollution level for each plant if total pollution must equal 100? Suppose the city government knows marginal reduction costs at the two plants. In this case, could the city obtain cost-effective pollution reduction using a ..
SteelTubes had sales of $300 million this year. Expenses were $250 million. Aside from these figures, the company also invested in new mills for carbon steel tubing, complete with peripheral loading, straightening, and coiling equipment plus facility..
A year of unusually bad weather for agriculture would:
Discuss the priorities of the creators of the Bretton Woods System. Were their objectives mostly achieved, or, not? Explain. Would those creators be more pleased with the current global economic system whose management is dominated by the G-8, G-20 a..
Recall the looser pay winner auction experiement done in class. Discuss how these experiments why bidders change their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning. Discuss how the ..
If David also Ellen live in rent-controlled apartments, illustrate what is the equilibrium cost for the non-rent-controlled apartments.
A hot dog vendor faces a daily demand curve of Q=1800-4p, where P is the price of a hot dog and Q is the number of hot dogs purchased each day. If the vendor has been selling 300 hot dogs each day, how much revenue has he been collecting? What is the..
You are thinking about becoming a Paradise Coffee franchisee. Franchisees are offered a business specializing in producing an exclusive line of exotic coffee drinks (similar to Starbucks). What is the estimated explicit (accounting) cost of your prop..
A market is made up of two consumers. The first has a demand P(1) = 1200 – 3q and the other has demand P(2) = 1200 – 6q. There is one firm in the market acting like a monopolist with costs = Q^2 + 90,000. Assume the firm can perfectly price discrimin..
Entrepreneurship is a A. Distruptive B. Stabalizing force in an economy. True or False: Economic models cannot fully capture the dynamic process of competition, in particular, the discovery of new products and methods.
New equipment was just purchased for $750,000. Estimated salvage in 10 years is $50,000. Calculate the depreciation and book value at the end of year 4 for each of the following methods:
The Paper Dragon Limited Partnership makes two products, paper and cardboard. The relationship between π, the firm’s annual profit (in thousands of dollars), and its output of each good is: find the output of each good that Paper Dragon LP should pro..
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