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A taxi company currently has 9 cabs in its fleet, and its total daily cost is $4,750. If a taxi company adds a tenth cab, the company's total daily cost will increase to $4,800 and its total revenue will increase by $100 per day. Should the company add the tenth cab?
Write about the problem or issue as if you are explaining it to someone who has never taken an economics class.
For many corporations, a major portion of the cost of production is fixed in the short run. Should these very large fixed costs be ignored when the executives are making output and pricing decisions?
Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly
Why does the assumption of independence of risks matter in the example of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively corre..
Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party.
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
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