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What are the primary differences between private and public goods? Why might one be more efficiently provided by markets while the other is not? Explain.
Discuss the role of the government in a market economy in the following areas:
Apple feels it is a price leader in the mobile phone market with all the other producers acting as followers. the total demand for mobile phones is given as: Apple's Marginal cost function for their mobile phone is: if apple wants to maximize profits..
Which of the following statements is correct? a. The firm’s profit maximizing level of output will be found only in the elastic portion of the linear demand facing the firm. b. The firm’s profit maximizing level of output will be found only in the in..
If it wants to accomplish this change in the money supply using open-market operations, what should it do.
Describe atleast 4 ways in which a firm can limit a worker's shirking. Ground your answer in an explicit theoretical framework(that you clearly state) that explains worker shirking behaviour.
Suppose your firm produces electricity by burning coal. Currently it buys central Appalachia 12,500 BTU per ton coal at the market price of $52 per ton.
Answer the same questions as in the previous problem if TC = .5m + 10Q. In which problem are economies of scale more important? Explain how this affects your outsourcing decision.
Think of a company that has provided great customer service to you recently. What did it do? How did it go beyond what you expected? What do companies have to do to get employees to deliver such service?
Where, q is the quantity demanded at price p when the person’s income is I. Assume initially that the person’s income is $40,000. Show your work/ calculations. At what price will demand fall to zero? At a price of $10, what is the price elasticity of..
Provide a brief explanation of the two main methods of measuring it. Explain why and how they produce the same result.
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500. What is th..
A manufacturing firm is attempting to determine whether an existing machine is capable of milling an auto part that has a key specification of 2±0.004 inches. After a trial run on this machine, they have determined that the machine has a process mean..
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