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Over a ten year period, the monthly charge for cellular phone service decreased from $80 per month to $30 per month. At the same time, the number of subscribers increased from less than 5 million to more than 125 million.
Which of the following provides the best explanation for these changes?
a) An increase in consumer income over this ten year period.
b) A reduction in the price of residential phone service, a substitute for cellular phone service.
c) An increase in population and standard of living over this ten year period
d) Technological improvements that reduced the cost of supplying cellular phone service
Identify any point where the MRT changes.
Suppose a profit-maximizing monopolist is producing 800 units of output and is charging a price of $40 per\ unit.If the elasticity of demand for the product is -2, find the marginal cost Of the last unit produced.
An engineering practitioner can lease a fully equipped computer and color printer system for$800 per month or purchase one for $8500 now and pay a $75 per month maintenance fee. If the nominal interest rate is 15% per year.
What changes happen to the commercial bank's balance sheet?
assume that the drug company can negotiate with the us and foreign governments and thus tries to implement the two-tier
What part of the change in consumption is due to the income effect and what part is due to the substitution effect - Draw the highest indifference curve that she can attain in red ink, and label the point that she chooses as A.
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
The federal government cuts spending on the purchase of new goods and services by $35 billion at a time when households are not spending 40% of additional income they receive.
Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities.
Briefly describe the relationship between the three rates.
All non neutral taxes are undesirable
background information about the case study why the forces of supply and demand did not result in efficient operations
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