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Suppose that Microsoft is the only producer of operating systems and Netscape is the only producer of Web browsers. Suppose also that nobody wants an operating system without a Web browser and nobody wants a Web browser without an operating system. Suppose that both firms produce at zero marginal cost and that the demand for a packageconsisting of an operating system and a browser is given by Q = 100 - P.
Suppose that Microsoft and Netscape take each other's prices as given (simultaneous pricing). What is the price of an operating system? What is the price of a browser?
Assume that gross private domestic investment is $800 billion and the government (state, local, and federal combined) is currently running a $400 billion deficit. If households and businesses are saving $1,000 billion, what is the value of net exp..
The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7. Briefly explain what this number means. If the local population increases from 60,000 to 61,500,
After analysis of the business, the manager has determined that weekly demand can be approximated by Q = 25,000 - 1000P. The firm's cost function is C = 25,000 + 13Q + .002Q2, where Q is output per week. Determine the profit maximizing price and ou..
John Smith, C.E.O. of A.B.Co. is attempting to estimate the quantity of his product that will be demanded during April. At the current price of $20.00, A.B. Co. is selling 100,000 units per month. Mr. Smith has been informed th..
The Solar Energy Company is producing electricity from a solar source by using a large array of solar cells and selling the power to the local utility company. Because these cells degrade over time, thereby resulting in lower conversion efficiency..
Consider a city that has a number of hot dog stands operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose the maximum number of hot dogs that any one vendor can se..
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production. How much output sho..
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car deal..
Country A has 1500 units of labor and can produce two goods, manufactures and food. A's producers take 5 units of labor to produce one unit of manufactures and 6 units to produce one unit of food. Country B has 1800 units of labor and takes 3 unit..
From the Keynesians, Y = C I G NX can be transformed into a theoretical model. In particular, assume that the consumption C = A mpc (Y-T), where A is a constant, mpc is the marginal propensity to consume, Y is national income and T is income taxes..
)TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base, TLC..
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
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