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A firm sells to consumers who each have a demand demand function given by QD = 80 - P. It has constant marginal cost C = 20 with no fixed cost. Compared to the optimal uniform price, a policy of "buy the first 20 units for $60 each and get the next 20 for $40 each" would yield
A. $500 higher profits
B. $300 higher profits
C. $100 higher profits
D. The same profits because on average, the price is the same
Suppose that the production function is Y = 10K1/4 (EL) 3/4 and capital lasts for an average of 10 years so that 10% of capital wears out every year (depreciate rate = 1/10 = 0.1 or 10%). Calculate the steady-state levels for each of the following: c..
A Rand Corporation study of cocaine estimated the price elasticity of demand for this illegal drug. Given the price elasticity of demand estimate provided in this report, is the demand for cocaine considered to be elastic, inelastic or unit elastic?
For each of the following events, graph and explain the short-run & long-run effects on output and the price level, assuming policymakers take no action.
A tax is imposed on a certain good. The tax produces revenue of $5,000 for the government. The tax reduces consumer surplus by $3,000 and it reduces producer surplus by $4,000. What is the amount of the deadweight loss of the tax?
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficie..
What are the distinctions between net ordinary income and separately stated income and deductions? What is the rationale for separately stating those items as individual K and the K-1?
The price you pay for labor depends on the amount that you hire, according to the schedule P = 10 + 4Q. What price do you pay for labor (per unit)?
Last year Jamison had EVA® net income of $200,000, cost of capital of 10 percent, and EVA® capital of $750,000. Determine the firm's economic value added.
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) The government issues an NPDES permit authorizing exactly 20 tons of emission..
Suppose an economy produces only food and housing. Draw and explain the characteristics of its production possibilities curve. Show and explain the impact on the curve of a new technology that improves food production only; a new invention that impro..
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 4%, the growth rate of the velocity of money is 3% and that the real economic growth rate i..
Suggest at least one (1) scenario in which understanding the Five Stages of Group Development could help you to work more effectively in groups in the future. Provide a rationale for your response. Then, reflect on an experience that you had being a ..
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