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Consider a subway company whose cost function is given by C(T) - 1000 + T. Due to the government regulation, this company must set the fare per passenger at the marginal cost (MC pricing). Is this pricing efficient? Would this company run the business under this regulation? Explain your answer and suggest a possible policy to solve the problem if applicable.
A firm has just increased its price by 35 percent over last year’s price, and it found that quantity sold decreased by 45 percent. The firm comes to you and wants to know its price elasticity of demand. What additional information would you search fo..
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. What happens to the quantity of labor he demands if the wage increases to w1 = $12?
Firms like McDonald's and Wendy's sell hamburgers, salads, and other products that are differentiated in nature. Given their current menus, explain what level of economic profit these firms can expect to make in the long run? What strategies could th..
Crimes Against Public Order. In some legislative contexts, public interests take precedence over individual rights and freedoms, and the crimes appear to be "victimless." Give several examples of crimes in this category and use the examples to illust..
Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the firm not simply increase its profits by selling an extremely high quantity?
When the average total cost curve is rising, then the marginal cost curve will be?:
Total reserves $80 billion, Transaction deposits $800 billion, Cash held by public is $100 billion, Reserve requirement .10. Are the banks fully utilizing their lending capacity? What would happen to the money supply initially if the public deposited..
Is inflation: High, Moderate, or Low? Is unemployment: High, Moderate or Low; what is the unemployment rate? Are interest rates: High, Moderate, or Low? Is the economy in: Growth, Stagnation, or Recession?
Sets out the aggregate demand and aggregate supply schedules in Japan. Potential GDP is 600 trillion yen. What is the short-run macroeconomic equilibrium.
What is a difference between fiat and commodity money?
Arnold's mechanic, Reid Blank, is able to install new mufflers at an average rate of 3 per hour, or about 1 every 20 minutes. Customers needing this service arrive at the shop on the average of 2 per hour. Larry Arnold, the shop owner, feels that all..
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
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