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Suppose the demand for burrito in a small isolated town is p = 8 - 2Q. There are only two firms, A and B, and each has a marginal cost of 2. Determine the Cournot equilibrium. (hint: using the rule that Marginal Revenue's slope is always twice as much as the slope of the residual demand curve as long as the residual demand is linear in output)
A. Discuss your view of elasticity of gasoline based upon the changes we have experienced during the past few years.
The period T of a simple pendulum is given by T = 2π √L/g, where L is the length of the pendulum and g is the acceleration due to gravity. Assume g = 9.80 m/s2 exactly, and L is measured to be 0.742 m with a standard deviation of 0.005..
Pierre, a book broker, is about to sign a contract to buy the rights to a book about twin teenage computer-security sleuths titled Nan and Dan vs. the Monika.
What is the socially optimal quantity of paper that should be produced? Draw a picture to show both the unregulated market equilibrium and the socially optimal equilibrium.
Draw Aggregate Demand, Short Run Aggregate Supply, Long Run Aggregate Supply diagram, starting at the long run equilibrium. Show on the diagram what happens to a given economy when the government lowers income taxes for all citizens. Show on the diag..
An end-of-aisle price promotions changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be? Use (P - MC)/P = 1/?e? to calculate MC and then use the same equation to find out the new price.
It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.) How would you explain this phenomenon in terms of deman..
1.) Demonstrate in a graph that if the production technology is of the fixed proportion type (i.e., L-shaped isoquants), an increase in the wage rate will cause only a scale effect on labor demand and no substitution effect. Will there be any differ..
Determine the project BCR, using an interset rate of 10% per year and a life of 25 years (use modified B/c formula via AW )
What is the new profit maximizing output - If the price of graham crackers is $2.50 should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.
Why do some economists claim that we should not worry too much about inflation at this level - What are the other costs be to consider if the inflation rate unexpectedly turns out to be higher than 7% - How does your deposit change the Bank's T-acc..
Amityville has a competitive chocolate industry with supply curve Ps =440+Q. While market demand for chocolate is Pd=1200-Q, there are external profits that the citizens of Amityville derive from having
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