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If the price of good X decreases by 2.1% and the price elasticity of demand is 0.4, find the percentage change in quantity demanded and the percentage change in revenue. If you want to increase revenue should you increase or decrease the price in this case?
The time it takes to process phone orders in a small florist/gift shop is normally distributed with a mean of 6 minutes and a standard deviation of 1.24 minutes. What cut off value would separate the 2.5% of orders that take the most time to process?..
What are the main reasons for the existence of financial intermediaries? Define asymmetric information. What is the Asymmetric information problem of lending? Discuss the adverse selection and moral hazard problems of lending.
Assume market demand is given by: QD = 10 – P and market supply by: QS = P – 2. Let’s consider a situation where the government is seeking to control prices at above equilibrium levels, at PC = $7. In other words, the government is imposing a price f..
The government of British Columbia has suggested a “cash-for-clunkers” program. Under this program, the government would buy up “clunkers” (older cars that emit a lot of pollutants and do not meet current pollution standards). Is this a sensible poli..
Ginny is an agent of Vroom! Motors, and is designated to sell and deliver antique cars. She spends her own money to call clients, visit them and finalize the deals. There is no express agreement between Ginny and Vroom! Discuss the situation.
Given the recent events in the US Airways and American Airlines merger, one has to wonder, is the airline industry monopolistic? Which is worse, monopolies or competition? Explain your answer
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
How does the real wage rate at point c compare with the real wage rate at point a. How do nominal wage rates compare at those two points.
In which of the following situations is the Coase theorem likely to apply? Explain. The neighbor who lives below you in the apartment building loves to play old John Denver records at loud volume early in the morning. In fact, his favorite song seems..
q.wine productionin wine production raw materials grapes are the single biggest cost. the cost of the grapes may be as
Economists use Gross Domestic Product (GDP) to measure the economic activity and the national income. What are the major components of the USA GDP? Explain the contribution of each component to the GDP with data. What is the difference between real G..
With DHL promising increased competition in the US express package (integrated carrier) industry, various stakeholders would greet this prospect quite differently. Choose one of these stakeholder groups and explain from their perspective why you oppo..
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