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Question: The Scandal of Phone Call Price Gouging by Prisons In most U.S. states, the phone company guarantees the prison a commission of a percentage on every call. The average commission is 42% of the cost of the call, but in some states it is 60%. So 60% of what families pay to receive a collect call from their imprisoned relative has nothing to do with the cost of the phone service. Also, the phone company that offers the highest commission is often the company to get the prison contract.
a. Who is practising price gouging: the prison, the phone company, or both? Explain.
b. Evaluate the "fairness" of the prison's commission.
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Find the profit- maximizing output and price for thi..
Discuss how do reducing tax policies on electricity and imported luxury cars in short run affect firm revenue, consumer expenditure and government tax revenue?
Do you think this intervention was necessary? What are the consequences of this intervention? What might have happened if they had not intervened?
analyze the economic theories that are germane to the provision of health services and comment on how one or two
There is a constant tension in an oligopoly between cooperation and self- interest because after an agreement to reduce production is reached.
Faced with constantly changing conditions, why would a firm ever keep any factors fixed? What criteria determine whether a factor is fixed or variable?
1. fit-to-a-tee a price-taking t-shirt design shop has a schedule of total fixed costs total variable costs total
Average income in Western Europe in 1600 was roughly $1,400 per year, while in Latin America, it was less than half that. Which of the following best explains this difference in average income?
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Draw and explain the parts of a PPC. Draw a PPC for country Nambi and assume that the economy produces only computers and automobiles. Suppose now that there is a new technological breakthrough in the production of computers.
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Is it a formal norm or an informal one? What reactions by others do you expect? If published, might these reactions affect your life chances? How do you think you will feel after the reactions?
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