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Electric cars: Now consider the invention of cheap electric vehicles.
Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected?
Show graphically with before and after curves on the same axes.
How will this change the equilibrium price and quantity of gasoline? Explain your reasoning. (Be sure to identify which of the following apply: the cost of production, a change in technology, tastes and preferences, income, the price of substitutes or the price of complements affects equilibrium price and equilibrium quantity)
What are the effects of inflexible prices? What are the fundamental questions on demand shock? Why are the demand shocks so important? Why government is responsible in resolving economic shocks?
A perfectly competitive firm’s cost of producing q units of output is T C = 18 + 4q + q2. Its corresponding marginal cost is MC = 2q + 4. The firm faces a market price p = $24. Determine the profit-maximizing output for the firm and the corresponding..
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text). Select an economic phenomenon and determine which of the models d..
She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
In the replacement analysis under various circumstances. Briefly summarize what your text calls Techniques 1 (Is Appropriate When Replacement Repeatability Assumptions Hold), 2 (If the replacement repeatability assumption holds, compare EUAC of the d..
If the federal government chooses to increase government expenditures explain the three methods of financing the expenditures in terms of: which is the most expansionary, what are the negative effects of each, and which is the most inflationary.
Explain what the quote, “Too many cooks spoil the pot” has to do with the law of diminishing marginal returns. In the context of a restaurant operation, what are the variable and fixed costs?
Calculate the price elasticity demand for bus rides. Next, suppose that the bus schedule is changed so that buses are 10 percent more frequent and that rider-ship subsequently rises to the level that existed before the fare increase. What is the freq..
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them and staff them with employees? In many smaller cities all McDonald’s outlets are owned by the same franchisee. Why is (or isn’t) this fact ..
Illustrate what is your opinion of the restaurateur's decisions. Would you recommend that she accept the $66,000 offer.
Suppose that an individual maximizes u(x,y)=x1^a x2^b (α, β > 0) subject to the budget constraint p1x1 + p2x2 = y. Solve for x1 and x2 (the optimal values of x1 and x2, which are the demands for x1 and x2) Are x1 and x2 , normal or inferior? Does dem..
Your firm’s research department has estimated your total revenues to be R(Q) = 600Q – 4Q2 and your total costs to be 60 + 2Q2. (Note that MB = 600 - 8Q and MC = 4Q). What level of Q maximized net benefits? What is marginal benefit at this level of Q?
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