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a) What is one important characteristic of perfect competition?
b) What is the expected slope of the demand curve for a firm in perfect competition?
c) What characteristic of a monopoly will most likely ensure economic profit in the long run?
d) What is the main reason why economist objects to monopoly?
e) What is a sign that an industry might be oligopolistic?
In the absence of regulation, firm 1 would emit 15 and firm 2 would emit 20. The firms have the following marginal control costs where q1 and q2 are the amount of emissions reduced by each firm. If instead an emission permit system was established, h..
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. (a) ..
In its effort to reduce the time value of money, the Federal Reserve System began aggressively increasing the supply of money through Quantitative Easing. What is true and what is false about the above statement? Explain
You are a novelist who has been published several times. None of your books have been a great commercial success, but you have established a fine reputation as a writer, and you make a decent living. Your agent works for a well-known agency which rep..
The Clean Air Act, a federal statute, establishes national air pollution standards for fleet vehicles such as buses, taxicabs, and trucks. The South Coast Air Quality Management District (South Coast) is a political entity of the state of California...
about the situations when a differentiation strategy is chosen? Provide specific real world examples.
What do economists mean when they say that "price floors and ceilings stifle the rationing function of prices and distort resource allocation" Use the ideas of consumer surplus and producer surplus
List the economic benefits of, and problems with, subsidized college education. Examine subsidized college education by considering answers to the three basic economic questions: What to produce with limited resources? How to produce the goods and se..
Katie's project has a five-year term, a first cost, no salvage value, and annual savings of $20 000 per year. After doing present worth and annual worth calculations with a 15% interest rate, Katie notices that the calculated annual worth for the pro..
What is meant by budget deficit? What are the different ways it can be financed? Is the national debt a problem? Discuss
How does model analysis compare to cost benefit analysis regarding transportation planning? What political elements are involved with transportation planning for cities? Would you recommend a single method of analysis or a combination of methods of a..
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