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A price searcher faces a demand that is given by P = 100/Q.
a. What does the Marginal Revenue curve look like (graph it).
b. What is the value of elasticity of demand at quantities Q = 10; Q = 50; Q = 100? Can you make a general statement about the value of elasticity of demand? (If so, do so; if not, explain why you cannot.)
c. If there are fixed costs of production, can you determine the wealth maximizing output? (for example, if the Total Cost function is given by TC = 10 + Q, what is the wealth maximizing output?)
d. Are there any “common sense” issues with your answer to part (c)?
Discuss the two types of inflation. Explain the differences and give an example. Explain what, if anything can be done to avoid either type?
The Consumer Expenditure Study surveys people about their finances and spending. What is your occupation? What is the amount of your student loan, if any? How would you rate your credit using these categories: excellent, good, fair, poor?
Medical costs are once again rising rapidly, forcing health care back into political prominence. This issue direct affects you as a student, family member, employer, and/or employee. The problem of medical costs is so pervasive that it underlies thre..
Graph the Demand facing your situation. Note that this requires information from the Supply Determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
Carlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA fines of $18,500 per year. An emission reduction filter will cost $75,000 and have an expected life of 5 years. Carlisle's MARR is 10% per year. what i..
The Federal Reserve had to resort to non-standard methods to try to stimulate the economy the last several years in part because:
Suppose Dell reduces its computer prices by 10 percent and notices that the quantity demanded increases by 8 percent. Calculate the price elasticity of demand.
Rosa banks with Olympia Credit Union and Rosa’s employer uses Washington National Bank. Rosa receives a salary of $2,500 every month which is directly deposited into her checking account. Assume that banks are required to maintain a 10% reserve ratio..
Market demand- P= 60-q where Q is the total amount of the good supplied in the market. Assume that there are two firms in this market Firm A and Firm B. Explain why this is not a Nash equilibrium in this market under quantity (Cournot) competition.
The emerging markets elected to accumulate vast sums of foreign assets in the 2000s. What may have caused this decision? Did this create a problem in developed markets?
The effect of the harsh budget cuts required by the European countries who made emergency loans to Greece in 2011 was: The sweatshop labor fallacy is the belief that. The figure shows the production possibilities curves for the U.S. and Mexico in the..
According to Phillip’s curve theory, what happens in the long run if there is no government or fed intervention for an inflationary gap? How do expectations of inflation change and how is this illustrated using the Phillip’s curve graph?
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