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1. Give some examples of goods whose production causes detrimental externalities and some examples of goods whose production creates beneficial externalities.
2. Compare cleaning a dormitory room with cleaning the atmosphere of a city. Which is a public good and which is a private good? Why?
At its current level of production, a pizza restaurant receives $20 for each pizza sold. The short-run average total cost is $10. At the price of $20, the restaurant's marginal cost curve crosses the marginal revenue curve at an output level of 10..
Verify that the number shown in the table is correct to a single decimal place. b. The level of the CPI in March 2007 was 205.10. Calculate the CPI for March 2008
Company Y is a monopoly industry. Its contribution margin is estimated at 20% (P-MC)/P = 0.2). From past experience, the owner has determined the following relationship exists between expenditures on advertising and total sales
Plot the points (x, y) to obtain a scatterplot. Use an appropriate scale on the horizontal and vertical axes and be sure to label carefully. Visually judge whether the data points exhibit a relatively linear trend.
You are the manager of a company that vaccinates human beings for biological diseases. Your company uses two inputs to produce vaccinations: physicians and laboratories. However, this is a short-run analysis where physicians are variable but labor..
Britain has an absolute advantage over Greece in producing both goods. Does it still make sense for these countries to trade?
Jane's utility function is U(x,y) = 2 x2 y with associated marginal utility functions MUx = 4xy and MUy = 2x2. Jane has income I and prices of x and y are respectively given by Px and Py. a) Determine Jane's demand for x as a function of income and..
Determine the steady state levels for Tobin's q, capital, investment, and consumption. Determine the effects of a permanent productivity increase (i.e. ΔA > 0).
An auto-part manufacturing company is considering the purchase of an industrial robot to do spot welding, which is currently done by skilled labor. The initial coast of the robot is $250,000, and the annual labor savings are projected to be $140,0..
Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
Find the equilibrium level of GDP demanded in an economy in which investment is always $300, net exports are always 2-50, the government budget is balanced with purchases and taxes both equal to $400, and the consumption function is described by t..
Explain the reasoning in the application "Tiger Woods' Rents" as to why Tiger Woods was able to capture essentially all the rents from some companies but not from others.
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