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Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples. Describe why the price of apples will not rise by the full amount of the tax.
Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
Assume that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
The demand function for product sold by an oligopolist operating in the short run is given below: Compute the profit-maximizing price and quantity, if the firm operates in short run.
Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
A firm has determined that its variable costs are given by the following relationship:
The Microsoft antitrust trial (United States vs. Microsoft) has been one of the biggest investigations of antitrust behavior since the turn of the century. You are supporting the Government, research and present a cohesive argument to the other si..
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
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