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Each instance that follows is an example of one of the four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information). In each case, identify the type of market failure and defend your choice briefly.
a. An auto repair shop convinces you that you need a $2,000 valve job when all you really need is an oil change.
b. Everyone in a neighborhood would benefit if an empty lot were turned into a park, but no entrepreneur will come forward to finance the transformation.
c. Someone who lives in an apartment building buys a Gretchen Wilson CD and then blasts it at full volume at 3 A.M.
d. The only two airlines flying direct between St. Louis and Atlanta make an agreement to raise their prices.
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Show the country's production possibility curve.
Why is a common analysis period necessary in comparing mutually exclusive alternatives by the "Present Worth Method", but is not necessary in the "Equivalent Uniform Annual Cash Flow method"?
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Determine Acme's total profit function. Assuming that Acme is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels for the product in the two markets? What is Acme's total profit und..
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
XYZ Corporation faces a horizontal demand curve and the market price is given to be $15. Compute the shutdown price of operations for Corporation XYZ.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
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