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Appalachian Coal Mining believes that it can increase labor productivity and, there-fore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing pollution by installing additional capital equipment is MC= 40P, where P represents a reduction of one unit of pollution in the mines. It also feels that for every unit of pollution reduction the marginal increase in revenue (MR) is MR= 1,000 −10P. How much pollution reduction should Appalachian Coal Mining undertake?
Estimate cost elasticity of demand for education at this university. Is cost elasticity of demand for university tuition elastic or inelastic according to answer in part (i) Why.
The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:Households increase savings.
Compute the average product of labor, APL, when the level of capital is fixed at 16 units and the firm uses 16 units of labor. How does the average product of labor change when the firm uses 81 units of labor.
Explain what is meant by a zero-sum game, and why it was central to Mercantilist thinking. Then, explain how Smith's idea of absolute advantage altered the nature of the "game."
Assume that you have a budget of $30 to spend on milk and cereal only. What is the most you can purchase of cereal? What is the opportunity cost of three units of cereal? If you purchase 5 units of cereal (Qc=5), then how many of milk can you purchas..
The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is current investment according to the Classical economists? Suppose consumption falls by $500 billion what will h..
The main liability on the Federal Reserve's balance sheet is. Third Bank has reserves of $12.3 million and transaction accounts of $115 million. If required reserves are 10 percent of transactions accounts, Third Bank has excess reserves of
Your dental clinic provides 3,000 exams for private pay patients and 1,000 exams for members of a union. Your fixed costs are $50,000 and your incremental cost is $40. If the union negotiated a fee of $45 instead, what would you charge private pay pa..
Average revenue schedule of a simple monopolist is : What is the market-clearing price for the monopolist? How much will the monopolist produce? What is the net profit of the monopolist?
Explain utility, total utility and marginal utility and the differences between them. Include examples. Explain with examples the law of demand and the demand curve. Explain “the rational consumer, marginal utility and price.
Two firms, Wickedly Efficient Widgets (WEW) and Wildly Nepotistic Widgets (WNW), produce widgets with the same production function y =K^(1/2) L^(1/2), where K is the input of capital and L is the input of labor
Explain how could those same inventory systems quickly transmit large demand shocks directly to sudden, deep recessions.
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