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What is the “social responsibility of business?” Is it more than just “increasing profits while staying within the rules of the game?” What ethical issues face a firm with market power that are less significant for a firm in a highly competitive industry? Use Scriptural support where appropriate.
A firm’s stockholders expect an 18% rate of return, and there is $22M in common stock and retained earnings. The ?rm has $9M in loans at an average rate of 8%. The firm has raised $14M by selling bonds at an average rate of 4%. What is the firm’s cos..
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
Changes in tastes reduce the demand for wheat substantially. What happens to price and output in the market for wheat? What happens to the price, output, and profits of the individual wheat farmer in the short run? Illustrate with diagrams.
Hyman Minsky’s “financial instability hypothesis” employs the key concept of financial “fragility.” What does it mean to describe a financial environment as “fragile”? Finally, on what grounds does Minsky also claim that, in the long-run (over the co..
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost functions: AVC= 1.24 + .0033Q +.0000029Q2- .000046QZ-.026Z +.00018Z2 where AVC = average variable cost (i.e. working cost..
A firm has a production function represented by: q=L^(.75)K^(.25) Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r. Suppose w=15 and r..
According to a government study,15% of all children live in a household that has an income below the poverty level. If a random sample of 20 children is selected: what is the probability that 5 or more live in poverty? what is the probability that 4 ..
Explain how does the market system efficiently perform the functions of communication, coordination and motivation in the distribution of resouces to comsumers.
In a given market at a given time, demand for a service increases and supply of that service decreases. (That is, demand shifts rightward while supply shifts leftward.) Analyze the impact of these changes on equilibrium price and quantity. Make sure ..
Identify the exclusionary pricing practices and why and when they are prohibited by the Competition Act. What are the economics rationale and efficiency effect of these strategies?
A) Jim consumes two goods X and Y. His utility function is as follows: U (X,Y) = 2XY. For Px = $4, Py = $1, and a total budget of $40, find the amount of X and Y that maximize Jim’s utility. Find the corresponding level of utility. In a graph constru..
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