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Oversize Transport Inc. supplies custom delivery service for very large construction equipment in the southeast region of United States. The most common lead of the specialty trucker is the Caterpillar model 740 dump truck, which is about 258 feet long. The owner of Oversize Transport, who also drives the firm's single 275-foot long tractor-trailer rig, chooses to lease this huge piece of capital equipment under a five-year contract requiring monthly lease payments of $5,500 per month. Oversize Transport could not service this profitable market with any rig shorter than 275 feet. A typical delivery takes about a day and a half, so Oversize Transport can make at the most only 20 deliveries per month with its one tractor-trailer rig. Under what circumstances is the tractor-trailer a fixed input ? A quasi fixed input ?
Describe the difference between the "income effect" of a price increase on quantity demanded and the "substitution effect" of a price increase on quantity demanded. Which effect will depend on whether the good is "normal"
An increase in the price of an input leads to higher costs and therefore less profit at the original quantity produced; therefore, some firms will increase the quantity they produce in order to increase revenues.
Pam has made her best affordable choice of cookies and granola bars. She spends all of her weekly income on 30 cookies at $1 each and 5 granola bars at $2 each. Next week, she expects the price of a cookie to fall to 50 cents and the price of ..
An industry consists of three firms with sales of $200,000, $500,000, $400,000. Compute the Herfindal-Hirschmann index (HHI)
One of two mutually exclusive alternatives must be selected. Alternative A cost $30,000 now for an annual benefit of $8450. Alternative B costs $ 50,000 now for an annual befneit of ?14,000 using a 15% nominal interest rate compounded continuously wh..
apple outsources production of iphones ipads and other electronic devices to contract manufacturer foxconn with 800000
Presume that a scatter diagram with math grades on the y-axis and science grades on the x-axis shows a strongly positive relationship. From this graph we can state that
If the United States eliminates the tariff and the voluntary restraint agreement is approved, what will be the U.S. domestic price of the metal?
Suppose you own an insurance company. Further suppose that this market is composed of only 3 people. Further still, supposed that this insurance is full coverage and medical expenses are always $1000. It would be logical to also assume conditions ..
Financial intermediaries are
Graph and describe what effects would be short run production function if a new advanced process was found and how would the number of employees hired change?
Harvard, Yale and Princeton all charge relatively high tuition. Still each uses ACT and SAT score as admission criteria. Are charging a relatively high tuition and using standardized test scores inconsistent
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