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Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay. But an increase in price will diminish the demand. And a reduced demand will send the price down again. It is uncertain, therefore, that the tax will really raise the price."
You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
Find out the socially efficient price, units of output and profits? How much output would a monopoly produce? Find out the price and profits of the monopolist?
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Assume a manager of a profitable department store you're confronted with the pricing problem. You've two types of customers
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Discuss the opposing arguments as to whether consumer sovereignty should prevail in medical care.
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
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