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The first sushi restaurant opens in town. Initially people are very cautious about eating tiny portions of raw fish, as this is a town where large portions of grilled meat have always been popular. Soon, however, an influential health report warns consumers against grilled meat and suggests that they increase their consumption of fish, especially raw fish. The sushi restaurant becomes very popular and its profit increases.
a. What will happen to the short-run profit of the sushi restaurant? What will happen to the number of sushi restaurants in town in the long run? Will the first sushi restaurant be able to sustain its short-run profit over the long run? Explain your answers.
b. Local steakhouses suffer from the popularity of sushi and start incurring losses. What will happen to the number of steakhouses in town in the long run? Explain your answer.
Explain how microsofts bundling of free internet browser software with its windows operating system could violate US antitrust laws, and be sure to mention which laws in particular might be violated.
What does the cost of a good or service reflect? Will producer continue to supply a good or service if consumers are unwilling to pay a price sufficient to cover the cost?
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for good..
In Costa Rica, only a few beaches remain that are nesting grounds for sea turtles. Some of those beaches have communities situated near them; traditionally, the local people collected the turtle eggs and sold them for their purported aphrodisiac p..
How much more money does Debbie withdraw than Christy (Express your answer in dollars and cents to the nearest cent and do not include the dollar sign or any other characters or spaces except numbers, a decimal point or a negative sign in front if..
.if individuals are free to produce whatever goods they want, then when excess profit is being made, more people will enter into the production of that good and consumers will benefit as the price is pushed down.
How might a Wal-Mart representative respond to the negative criticism that might arise as the result of sighting the new facility in a community ranging from traffic congestion to anti-union sentiment to unfair competition.
Suppose a persona quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year.
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
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