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Suppose you want to remove fourteen fish of an exotic species that have illegally been introduced to a lake. You have three possible removal methods. Assume that q1 , q2 , q3 are, respectively, the amount of fish removed by each method that you choose to use so that the goal will be accomplished by any combination of methods such that q1 + q2 + q3 = 14. If the marginal cost of each removal method are, respectively, $10q1 , $5q2 , and $2.5q3 , how much of each method should you use to achieve the removal cost-effectively?
explain increase in quantity of defense goods when there is an increase in marginal benefit.
An increase in the reserve requirement would:
John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How mu..
There has been extensive discussion of the "wealth effect." The argument goes that inflated stock values were partially responsible for the strong U.S. economy of the 1990's. Explain this linkage in words and then illustrate with an Aggregate Dema..
Under what conditions should a manager use each of the following rules/options for pricing decisions: (a) Maximax Rule; (b) Maximin Rule; (c) Minimax Regret Rule; and (d) Equal Probability Rule? Also address the potential pitfalls of using each rule.
How does the price faced by a profit-maximizing competitive firm compare to its marginal cost? Explain. When does a profit-maximizing competitive firm decide to shut down? When does a profit-maximizing competitive firm decide to exit a market?
Describe the cost- benefit approach that a typical economist takes to analyze regulations. How are economic policies impacted by politics, and how can politics make a positive or a negative contribution to economic policy?
Taxes paid for a given income level Juanita is getting ready to do her taxes. She is single and lives in Denver. Juanita earned $90,000 in 2011. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2011. The maximu..
The exit of farms from a market should:
Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. What is her AFC per poster (not per thousand!) if she prints 1,000 posters? What if she prints 2,000 poste..
Draw a graph showing a supply and demand curve for wine. Indicate clearly the equilibrium price and quantity. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). Sho..
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