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Consider the following functions: Qd = -2P + 80 and Qs = P - 10. Further assume that the government has institutes a price floor of $33 in this market.
a. Calculate the amount of consumer and producer surplus in the market before the price floor is put into place.
b. Calculate the net changes in both consumer and producer surplus after the price floor has been put into the market. (meaning the area of net gained producer surplus, lost producer surplus, and net lost consumer surplus)
c. Calculate the amount of dead weight loss that was created by this price floor.
d. Generate a graph and clearly denote the areas of consumer surplus loss, producer surplus gain, producer surplus loss, as well as the dead weight loss after the price floor.
A cappuccino vending machine is designed to dispense an average of μ oz per cup. If the ounces per fill are normally distributed, with a standard deviation of 0.4 oz, what value should μ be set at so 6 oz cups will overflow only 2% of the time?
Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place.
In this module, it is demonstrated that sometimes extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in a multiple of plants. Suppose a beer brewing company has determined that i..
Kim owns all 100 shares of common stock in GBZ Co. She has decided that she needs to raise $10,000 in new capital this year. She is trying to decide between two alternatives that are open to her. One is to issue a $10,000 bond, paying 10 percent inte..
Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopsonist). Assume its MRPL is given by L= 11 - w and the labor supply is L = W. What is the wage paid and the number of labor hours hired by the profit maxi..
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.6Q per ton. Residents' market benefit for garbage is MB=250-2.2Q per ton. How much garbage will resident..
State whether each of the following goods and services is non-rival, non-excludable or both: (Explain)a. A toll road.b. A public park.c. A lighthouse.d. An art museum.e. A radio broadcast.
The US market of rice is described by the following domestic supply and demand equations: QdUS = 200 – 2 P , QsUS = -100 + 3 P where QdUS and QsUS represent the quantities demanded and supplied (in millions of tons) and P is the price per ton of rice..
Provide an intuitive explanation of the Principal-Agent problem and discuss any mechanisms used to mitigate the problem. You should use the business owner-manager problem as an illustration.
If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then what is the value of price elasticity of supply?
How would each of the following changes affect the demand curve for acupuncture? a. The price of an acupuncture session increases. b. A reduction in back problems occurs as a result of sessions on stretching on a popular television show.
Innovation activities influence strategic planning and sales forecasting. Is there a single best generalized innovation strategy that will optimize strategic planning and sales forecasting? If yes, explain the strategy. If no, explain why not
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