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What are the similarities and differences between the industrial organizations of perfect competition and monopoly. What are the different assumptions about them and the different conclusions reached about pricing, production, and profits due to those different assumptions.
Demand for microprocessors is given by P=35 - 5Q where Qis quantity of microchips in millions. The typical firm’s total cost of producing a chip is Ci=5qi where qi is the output of firm i. Suppose that one company acquires all the suppliers in the in..
What are the benefits associated with Cloud Computing? What are the security risks associated with Cloud Computing?
What are efficiency, producer surplus, worker surplus, and total gains from trade? Why would we expect regional wage levels to converge? What happens to total gains from trade as regional wages converge? How do payroll taxes affect labor markets (i.e..
One way to design a housing subsidy is to pay a certain percentage of a tenant’s rent, allowing the renter to shop for whatever housing the person thinks most appropriate. An alternative policy is to pay a fixed dollar amount toward whatever rent the..
The world market demand for aluminum exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for aluminum in the world. Assuming aluminum is a(n) normal good, a(n) decrease in preferences (and ..
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours every day.
Suppose you are given the following Total Product Function: Q=100K^3/2 L^4/2 M^4/7,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Take the log of the above func..
Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues with a present value of $1,230.
A competitive firm has a short-run total cost curve STC (q)= 0.1q^2 +10q +40. Find and plot the SAC and SAVC curves. For this function, the SMC curve is given by SMC (q)= 0.2q +10.Include this curve in your diagram for part b. Write the equation for..
What was the difference in the two types of products? What is your conclusion regarding the proper approach when developing a new digital product?
How large would this shortage or surplus be? Using the equations above, solve for the equilibrium price and quantity. Assuming a continuous demand and supply curve, what is the total consumer surplus in equilibrium?
The manager of a meat-packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by Q=K+L. ..
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