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Assume that the market for beef is described by the following two equations: Q = -150 + 150*P and Q = 1200 – 120*P, where Q represents quantity and P represents price. The government institutes a $3 price ceiling in this market. With the new rule fully in effect, the value of consumer surplus is:
A.) 1500 B.) 600 C.) 300 D.) 375 E.) 1725.
Assume that the company’s production function is Q=0.5L2K2. The current wage rate is $30 a day and the daily rental rate for one machine is $30 as well. Determine the capital and labor requirements that will allow the company to produce a quantit..
The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes ..
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. Illustrate what evidence of excess supply or excess demand can you cite in these examples.
Assume that a corrective tax is placed on aircraft passing over a residential area that is located near an airport. Should the proceeds of the corrective tax be used to compensate those who are harmed by the aircraft noise? Explain.
Which of the following statements is correct? a. The firm’s profit maximizing level of output will be found only in the elastic portion of the linear demand facing the firm. b. The firm’s profit maximizing level of output will be found only in the in..
If congress took steps to consolidate banks, thereby reducing the total number to 2,500, illustrate what would you expect to happen to costs within the banking industry.
After completing its capital spending for the year, Carlson Manufacturing has $1,100 extra cash. Carlson’s managers must choose between investing the cash in Treasury bonds that yield 5 percent or paying out the cash to investors who would invest in ..
Sam bought a car for $40,000 at “0” percent for 60 months. The financing was done through the financial arm of the car company. If he had paid cash for the car he could have gotten the car for $34,000. Determine the interest rate that he is paying on..
Choose a country and retrieve the latest data on its budget deficit/surplus and its current balance and explain the relationship. Do government budget deficits always lead to current account deficits? Identify two other possible sources for current a..
Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
Discuss how the consumer assesses the value of marlboro cigarettes. How does it compare to competing marlboro on the market? Is value based on price, product attributes, something else, or a combination of things?
Suppose that Drexenture, a new consulting company, has the following production function: q=2c+4e+.5c*e where q is the number of reports produced, c denotes the number of fresh college graduates, and e denotes the number of experienced consultants. W..
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