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1. Metro Airlines runs 10 flights per day at a total cost of $50,000, which includes $30,000 in fixed costs for airport fees, airplanes, and the reservation system and $20,000 invariable costs for flight crews, fuel, baggage handlers, and food service. If an 11th flight would have 25 passengers, each paying $100, would it make economic sense to offer the flight? If a 12th flight only drew 15 passengers, would it make sense to offer it? Discuss and show your math.
2. Critical Thinking: Although still not yet fully implemented Congress passed a bill creating national health care system, called the Affordable Care Act, also called Obama-care. In what ways do the principles of economics relate to this decision? Describe how each relates and what issues we must consider.
Select a good that you are familiar with. What are the factors that shift the demand curve for this good? What are the factors that shift the supply curve for this good?
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Make sure you include both the positive and negative effects of your actions, and..
q. you read in a business magazine that computer firms are reaping high profits. assume that the computer market is
The elasticity of demand for cigarettes is estimated to be about - 0.5. Assume the elasticity of supply of cigarettes is 1. If the government places a tax of $0.60 on cigarettes, how much will the price of cigarette increase (approximately)?
The production function. Y=K^5 (AN)^.5 , where both the population and the pool of labor are growing by rate n=.07, the capital stock is depreciating at a rate of d= .03, and A is normalized to 1. What are the capitals and labor's shares of income? W..
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
Elucidate what the Justice Department argued that the merger would lessen competition and raise prices of business software. Is there an economic argument that the merger might actually result in lower prices.
We focused on online retail and services this week. Why were so many entrepreneurs initially drawn to start businesses in the online retail sector?
Suppose that the government imposes a temporary tarpon all imports, which makes imports more expensive relative to domestic residents (reducing the trade balance for any fixed level of the real exchange rate). Discuss the implications of this policy ..
what is the opportunity cost of producing a unit of wheat in the united kingsom? In the united states?
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
Elucidate how much profit will it earn at that output rate. If the marketplace price dropped to $10, illustrate what should the firm do.
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