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Healthcare Economics: What would happen to the market place for prescription drugs if you no longer needed a prescription from any type of health care provider? Think of the impact of various consumers and suppliers. Think how demand for services would go up or down.
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
Discuss the relationship between price elasticity of demand and total revenue. Why is that you don't see a "sale" on Luis Vuitton Ladies Bag?
Suppose that Brazil is capital abundant and Chile is natural resource abundant If timber is natural resource intensive and computers are capital intensive, then: (a) Chile will produce more computers after trade begins with Brazil. (b) Brazil will pr..
The assumption of the perfectly competitive model is that products sold by all retailers are completely identical. Under this assumption, as we've seen in this analysis, competition between retailers is extremely fierce.
You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies are currently seeking your advice, and although the information they have supplied to you is incomplete, your expert kn..
q.happy bank initiates with 200 in bank capital. after that it takes in 800 in deposits. it keeps 12.5 percent of 18th
Consider the market for Canadian maple syrup. The demand and supply functions for Canadian maplesyrup are given by: Find the initial equilibrium price and quantity of Canadian maple syrup. Calculate the initial consumer surplus (CS) and producer surp..
Explain the liquidity effect and the feedback effects (income effect, price-level effect, and inflation effect) from an expansionary monetary policy.
Buy the new warehouse and lease half the space to the Johnson Company. In turn, the Tyre-rented space would be reduced to 2000 square meters.
Explain how you will test performance management systems.
Consider the following production function: f(k,l) = k^1/3 + l^1/3. Does an increase in the tax increase the cost linearly? Why or why not? HINT: Consider the partial derivative of the cost function with respect to t.
Assume that production is given by Y= K(1/2)L(1/2). First, write the production function in per person terms (y=f(k)). Next, assume that the per person level of capital in the steady state is 4, the depreciation rate is 5% per year, and population gr..
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