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Pick Industries 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 Pick Industries?
Suppose that the individual demand for a product is given by Q = 1000 - 5P. Marginal revenue is MR = 200 - 0.4Q. There are no fixed costs and so marginal cost, which is constant, is equal to average cost. That is, MC = AC = $20. Calculate the firm's ..
Analyze the economic impact of current approaches to controlling air pollution to determine which approach is the most effective. Provide support for your rationale.
Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s). Draw a supply and demand graph to explain this change. Be sure to label your graph and clearly indicate the change of the curve.
Explain using the labor/leisure model and words, how a progressive income tax will affect the budget constraint of the worker and their behavior or how a tax preference (tax deduction) will affect consumption choices.
Does the production technology exhibit increasing/decreasing/constant returns to scale.
Measuring performance: If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment:
Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A back-story for these preferences might be that he cares about total ca..
Which of the following statements is true regarding trade in agriculture? The united states exports almost 50 percent of its agriculture production. In general, governments let agriculture markets operate on free trade principle. nations do not mind ..
Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children.
Because of the high costs to the "frequent flyers", what should the responses departments/communities be to balance the needs of the many with the needs of the few?
Some businesses will examine either pricing structure and modify it in order to maximize revenue, either by raising or lowering price. Cost and Revenue Curves simulation and this week's readings could organization you have chosen lower prices to in..
q1. how much deadweight loss does great reception causes when it restricts output and charges a price above marginal
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