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Suppose a firm must pay an annual tax, which is a fixed sum, independent of whether it produces any output.
a. How does this tax affect the firm's fixed, marginal, and average costs?
b. Now suppose the firm is charged a tax that is proportional to the number of items it produces. Again, how does this tax affect the firm's fixed, marginal, and average costs?
In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks.
Make a table and graph of Crusoe's production function. Find out the Marginal product of labor for Crusoe at different quantities of labor.
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
State with brief reasons whether the following statements are true, false, or uncertain.
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
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