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Microeconomics concepts
1. What entity establishes a price ceiling and does it require government sanction for violators? Will it result in a surplus or a shortage?
2. If a producer overproduces and sets the price of his product too high to allow him to sell all of his production, does this cause a surplus or an excess supply condition?
3. What entity establishes a price floor and does it require government sanction for violators? Will it result in a surplus or a shortage?
4. An increase in the supply of a good is expected to have what effect on its price? What will be the effect on the demand for substitutes?
5. If the own-price elasticity of demand for gasoline is -.2 and there is a 10% increase (+.10) in the price of gasoline, what will be the percentage change to the equilibrium demand for gasoline?
6. Define a black market in terms of a Price Ceiling.
7. A regulated transportation monopoly is losing money. The Monopoly goes to its government regulators with a request to raise their rates (price). An economist on the regulatory commission says that raising rates will bring in less revenue as customers change to substitute forms of transportation. The Monopoly and the economist have different views of the elasticity of demand for the monopoly's transportation services. Which one thinks the demand is inelastic and which one thinks it is elastic?
Prior to opening his hardware shop Bob worked as an investment banker earning $175,000 each year. He pays his employees $150,000 per year.
Allan Sports sells snowmobiles in a Northern Suburb of the Twin Cities. For the third year in a row sales have been dismal.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. What price should the manager charge for the calculators?
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
A construction manager earns $70,000 every year working for a regional home builder decided to open his own home building company.
Airway Express has evening flight from Los Angeles to New York with average of 80 passengers and return flight the next afternoon with average of 50 passengers. Should the airline remain in business?
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
Suppose if the table shows the demand faced by a monopoly firm then what is that firms marginal revenues
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
Illustrate what policies would you implement to help the economy reach full employment.
Milton Friedman faiths in a steady growth monetary policy. Illustrate what does that mean and critique this approach.
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