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Ms. Sarah Traveler does not own a car and travels only by bus, train, or plane. Her utility function is given by U (b, t, p) = b ∗ t ∗ p where each letter stands for miles traveled by a specific mode. Suppose that the ratio of the price of train travel to that of bus travel pt/pb never changes. (a) How might one define a composite commodity for ground transportation? (b) Phrase Sarah's optimization problem as one of choosing between ground g and air p transportation. (c) What are Sarah's demand functions for g and p? (d) Once Sarah decides how much to spend on g, how will she allocate those expenditures between b and t ?
Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households?
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
You work for the company that is being accused of monopoly behavior, given its large size. Comparisons are made to the industry standard, where each establishment has on average about 15.1 employees.
There's quite a bit to be said about face-to-face interviewing for sure. But, there's also some drawbacks and you named two major ones: cost consideration and time spent (not to mention, manpower and location). what's one benefit of collecting da..
What does Munger mean by the phrase "the price does the leading"? 3. Munger suggests several challenges that arise from the habit of anthropomorphizing the market. These help to explain people's apparent preference for central planning. What three..
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
Richard is deciding whether to buy a state lottery ticket. Each ticket costs $1, and the probability of the following winning payoffs is given as follows: Probability Return .5 $0.00 2.5 $1.00 .2 $2.00 -05 $7.50
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
How much would this competitive firm produce and sell when the price of the good is $3 and what would be the total profit (total revenues minus total cost) made by the firm if the price of the good is $3?
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