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1. Briefly explain the relationship between Supply and Demand
2. Do you think the people that use illegal drugs and become addicted show a high or low price elasticity for the product? Based on your answer, explain using ideas and terms from class, why making drugs illegal might result in increased crime rates.
Find the equilibrium price and quantity before and after the tax is implemented. Who pays the majority of the tax, suppliers or demanders? Explain why this makes economic sense.
conduct an analysis of a recent article and provide their evaluation and outcome expectations in a written paper of
Make up your own demand function and then derive the corresponding MR function and find the output level which corresponds to zero marginal revenue.
Based on the above, whichplayer do you think had a better year in 1993, and why do you predict that? Youshould ignore other factors outside of the above information (e.g., thepossibility that one player was injured during the 1993 season and therefor..
Given the demand curve P= 2,000 – 2Q and marginal costs of MC = 1,100 + 2Q, the firm’s profit will maximize at equilibrium price and output of: Based on the demand and cost function in previous question, in a two-part tariff pricing strategy, what is..
Gadgets for Sale ... or Not How come the prices of some gadgets, like the iPod, are the same no matter where you shop? No, the answer isn't that Apple illegally
Suppose that you are a consultant to a firm that publishes books. Suppose that the firm is about to publish a book that will sell for $24 a copy. The fixed coat of publishing the book are $7200, the variable cost is $18 a copy. What is the breakeven ..
Suppose that your state is considering a law that would force all monopolies to charge. Explain to your legislator the pros and cons of this approach.
Consider an exchange economy with two goods (x and y) and two agents (a and b). Agent a has preferences represented by ua(xa, ya) =XaYa and endowment
1. Suppose the United States economy is represented by the following equations: Z = C + I + G C = 500 + .5YD T = 600 I = 300YD = Y - T G = 2000
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
Does it appear as though this firm is pricing its automobiles optimally? Why or why not? What advice would you give this firm with regards to its pricing policy and what would be the effect on the U.S. dollar-euro
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