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Paul's Plumbing is the only plumber in a small town. Paul's daughter has come back home to visit after getting her MBA. She has gotten interested in her father's pricing of his services. One of his services is replacing water heaters. Some customers want their water heaters replaced quickly because their old water heater failed; call these the "urgent" group. But some customers want their water heaters replaced at his convenience to improve their efficiency; call this the "convenience" group. The father told the daughter that his price for replacing a water heater is the same for the urgent and convenience groups and that he currently charges the same price for all water heater installations. She has estimated that the price elasticity for the urgent group is smaller (in absolute value) than it is for the convenience group. What price changes should the daughter recommend to her father the plumber?
Suppose the marginal social benefits curve for crude oil is MSB = 60 – 0.6Q and the marginal total cost curve is MTC = 20 + 1.4Q, Now suppose that the marginal current cost (MCC) of extraction is given by MCC = 20 + 0.4Q. Illustrate the MSB, MTC, and..
Based on the following graph (which summarizes the demand, marginal revenue, and relevant costs for your product), determine your firm’s optimal price, output, and the resulting profits for each of the following scenarios: You charge the same unit pr..
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
If you were a strong supporter of free trade and in charge of U.S. international trade policy, would you cut tariffs and quotas, or would you negotiate with the nation's trading partners, maintaining trade barriers unless they lowered theirs also? Di..
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
If the working-age population is 215 million, the labor force is 145 million, and the number employed is 137 million, then the labor-force participation rate is
Assume that investment is highly insensitive to the interest rate. Explain what the effects are on interest and income of an increase in government expenditure (G). Which component(s) of aggregate demand are crowded out (i.e., reduced)? Use an IS-LM ..
Suppose it is believed that the U.S. dollar will steadily depreciate against the euro at a rate of 2% a year over the next three years. After that, people expect the dollar–euro rate to be steady. Ten-year U.S. government dollar bonds yield 8%. What ..
q.assume that in a certain region there is a single firm producing chocolates nestlex. in this region there is a
In the market for SO2 pollution permits, suppose that a key component to technology for reducing SO2 emissions comes from China, and that part needs to be replaced every year. And, suppose that import tariffs are increased for Chinese imports. De..
Negative Supply Shocks – How often are negative supply shocks, i.e., leftward shifts of the AS curve, which we’ll also discuss next week, associated with recessions? Plot on a quarterly basis since the beginning of the series the real price of oil – ..
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable le..
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