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A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines (K) and workers (L). The isoquants have the usual smooth shape. The machine costs $1,000 per day to run: the workers earn $200 per day. At the current level of production, the marginal product of the machine is an additional 200 bottles per day, and the marginal product of labor is 50 more bottles per day. Is this firm producing at minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the firm should change the ratio of inputs it uses to lower its cost.
If a tax equal to 10 percent of the value of the wine is imposed, who pays more in taxes? Who pays the greater amount as a percentage of income?
Would a tax per mile driven be fairer than a tax per gallon of gasoline? Which tax would be more regressive? Explain your answers
Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year
How does this complicate the job of estimating the total social costs of pollution-control regulations?
The market for tortillas is perfectly competitive, with market demand for packages of tortillas given by P=1 .-00002Q, with price in dollars per package and Q in thousands of packages. The short-run marginal cost curve for a typical tortilla facto..
Distinguish between market failure and government failure. Does rent-seeking behavior occur only as a result of government failure? Explain your answer ? What are some of the difficulties associated with the establishment of
List advantages and disadvantages of rationing by queue, by lottery, and by coupon. If the government permitted a black market to develop, might some of the disadvantages of these systems be reduced?
There are two distinct proposals, A and B, being debated in Washington. The Congress likes proposal A, and the president likes proposal B. The proposals are not mut ually exclusive; either or both or neither may become law. Thus there are four pos..
What is the level of consumer surplus in each market? If the monopolist is forced by legislation to charge a single price, what will this price be? Contrast the level of consumer surplus with and without price discrimination.
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
"During periods of inflation, people use real resources to reduce their holdings of fiat money. Such activities produce a private benefit with no corresponding social gain, which illustrates the social cost of inflation". Explain this quotation an..
Sellers know whether their engine is in mint condition or needs repair, and buyers can distinguish between engines in mint condition and those needing repair. How many engines will be sold at the swap meet?
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