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Although 23 states barred the self-service sale of gasoline in 1968, most removed the bans by the mid- 1970s. By 1992, self-service outlets sold nearly 80% of all U.S. gas, and only New Jersey and Oregon continued to ban self-service sales. Using predicted values for self-service sales for New Jersey and Oregon, Johnson and Romeo (2000) estimate that the ban in those two states raised the price by approximately 3¢ to 5¢ per gallon. Why did the ban affect the price? Illustrate using a figure and explain. Show the welfare effects in your figure. Use a table to show who gains or loses.
A consumer advocate group has contacted us about a new line of fluorescent light bulbs manufactured by Bright Ideas, Inc. The company claims their new bulbs have an average lifespan of at least 10,000 hours with a standard deviation of 1,700 hours.
Briefly explain the causes and control of scaling and D-cracking in concrete. What is the origin of laitance; what is its significance?
What are the differences between official development assistance (public foreign aid) and private development assistance from nongovernmental organizations (NGOs)? Which type of aid is more desirable from the perspective of recipient countries? Ex..
If she received a bonus of $20,000 in the current year only, with all future salary payments remaining as stated earlier, by how much could this consumer increase consumption now and in the future?
Suppose the two countries split the difference between the willingness to pay for computers and the willingness to accept computers. Compute the terms of trade, that is, the rate at which the two countries will exchange computers and shoes.
Suppose an economy with a constant labor force of 85 millionworkers is in steady-state unemployment. The finding rate is 50%per month and 2.5 million workers lose their jobs every month. Whatis the natural (long-run) rate of unemployment
Suppose a prot-maximizing monopolist is producing 800 units of output and is charging a price of $40 per unit.a. If the elasticity of demand for the product is $ 2, nd the marginal cost of the last unit produced. b. What is the firm's percentage mark..
A demand curve is given by the following equation: P = -2Q + 40. i) Calculate the Total Revenue when Q = 5 and when Q = 8. ii) Calculate the price elasticity of demand between Q = 5 and Q = 8. Round decimal answers to two places.
The annual operating and maintenance costs for the machine are $15,000 at the end of the first year and are expected to increase at an annual rate of 2.5% in constant dollars. The salvage value is given by the expression S= $95,000-$5,000t.
During spring break, students have an elasticity of demand for a trip to Florida of -3. How much should an airline charge students for a ticket if the price it charges the general public is $360 Assume the general public has an elasticity of -2.
Suppose there are two goods (a snob good and a bandwagon good), each priced at $100. If I were to increase the price of both goods by $50, which good would experience the largest decline in the quantity demanded by consumers.
At what salary would it make sense for this firm to hire an incompetent manager?
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