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During the previous month, a firm produced 250 tablet devices at an average variable cost of $40 and at an average fixed cost of $10. What were the firm's total costs during the month?
Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of coffee, one donut, and one newspaper. In year one, the basket costs $8.00.
Suppose demand function for good 1 is X1=(2m)/(P1+2P2). Calculating relevant elasticities answer the following questions. Show your calculation. Is this good ordinary or Giffen? Is this good normal or inferior?
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. How do we reconcile both of these observations?
Bribes: Two players find themselves in a legal battle over a patent. The patent is worth 20 to each player, so the winner would receive 20 and the loser 0. Given the norms of the country, it is common to bribe the judge hearing a case.
Draw a Keynesian cross graph and assume that macro economy starts and ends at equilibrium. Label the initial aggregate demand line AD0, Then show what happens in the diagram when a rise in consumer wealth raises C in your diagram. What is the initial..
What is the present value for the following cases? A series of 9 monthly payments starting at $400 in the first month increasing by $100 every month with an interest rate of 6% compounded monthly. A series of 11 monthly payments starting at $200 in t..
An Orthopedic doctor is considering leaving his hospital job and opening his own practice. Assuming that at the hospital the orthopedic doctor makes $50,000 a year. Based only on economic decision making, do you predict the orthopedic doctor will lea..
Consider the decision-making of farmers in a poor rainfed agricultural area of India. Suppose that there are two possible outcomes at the end of each growing season depending on the amount of rainfall: the good outcome generates revenue of $100, the ..
Consider the market for widgets (an inferior good). Suppose that we see an increase in household incomes and, at the same time, higher labor costs for widget producers. What is likely to happen to the equilibrium price and equilibrium quantity in thi..
What was the unintended side effect (regulatory failure) of the 1977 clean Air Act amendments that placed strict emissions regulations on new power plants while grandfathering existing facilities? And how what regulatory tool could congress use to pu..
Suppose the monopolist faces the following demand curve: P = 100 3Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. What is the monopolist’s profit maximizing level of output? What price will the profit maximi..
What is a trading bloc and a trade concentration ratio, and does it make sense that trade concentration ratios should be greater than +1? What kind of trading bloc is NAFTA and how has it influenced trade within the bloc? What is multilateralism and ..
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