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An economist gives the following advice to a museum director: “You should introduce “peak pricing”. At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a higher admission fee.”
When the museum is quiet, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good – public or private - is the museum at those times? What would be the efficient price to charge visitors, and why? (I.e., should the price = $0, or should it be >$0?)
When the museum is busy, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good is the museum at those times? What would be the efficient price to charge visitors, and why?
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: Now assume that the Fed lowers the reserve requirement to 8%. What is the maximum amount of new loans that this bank can make? Assume..
Cameron is currently unemployed and without health insurance coverage. He derives utility (U) from his interest income on his savings (Y) according to the following function: U(Y) = 10(Y^[1/2]) Cameron presently makes about $10,000 of interest income..
In dealing with China, what is meant by the “rule of man” and “legality of illegality?” Why are these realities a challenge to U.S. firm doing business in China? Consider both the legal and ethical aspects in your answer.
Within 20 years we will have seen the emergence of enormous global markets for standardized consumer products. Do you agree with this statement? Why or why not?
Suppose there is a sudden expectation of a substantial decrease in interest rates. What will this do to the demand for long term securities? What will this do to the demand of short term securities?
Assume that demand for services per period is Pt = 1000 − Qt where Qt is the stock of the durable consumed. Let the discount factor for consumers and the firm be given by δ. Find the profit-maximizing prices and outputs for a durable goods monopolist..
If production of an item results in negative external costs, then the market price is below the socially referred price that reflects the external costs the market price is above the socially preferred price that reflects the external costs market fo..
Assume Adia and Zardia can switch between producing wheat and producing beef at a constant rate: In one hour, Andia can produce 3 Bushels of wheat and 5 pounds of beef. At which of the following prices would both Andia and Zardia gain from trade with..
The political culture of the U.S. As well as public opinion in the U.S. Establishes a unique context in which business government relations take place. Discuss this statement and include comments about the perspectives of the business community.
If real GDP increases by 5 percent and the population increases by 10 percent during the same period, real per capital income
We grow wheat that sells for $40,000. The wheat is milled into flour that sells for $55,000. The flour is used to bake bread that sells to consumers for $90,000. If nGDP is $9000 billion while rGDP is $12,000 then the GDP deflator is...
Suppose that a consumer has a choice between gallon jugs of milk and half gallon jugs of milk. The consumer only cares about how much milk she consumes and not about the size of the jugs of milk. Write a utility function for this consumer. Is there a..
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