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Oversize Transport Inc. supplies custom delivery service for very large construction equipment in the southeast region of United States. The most common lead of the specialty trucker is the Caterpillar model 740 dump truck, which is about 258 feet long. The owner of Oversize Transport, who also drives the firm's single 275-foot long tractor-trailer rig, chooses to lease this huge piece of capital equipment under a five-year contract requiring monthly lease payments of $5,500 per month. Oversize Transport could not service this profitable market with any rig shorter than 275 feet. A typical delivery takes about a day and a half, so Oversize Transport can make at the most only 20 deliveries per month with its one tractor-trailer rig. Under what circumstances is the tractor-trailer a fixed input? A quasi fixed input?
If the short run marginal and average variable cost curves for a competitve firm are given by: How many units of output will it produce at a market price of 0 ? At what level of fixed cost will this firm earn zero economic profit?
Consider the four problematic sales people (Caplan, Furness, Gibson and Eaton) at Milford. We have both quantitative and qualitative performance measures. In general, what is the value of considering qualitative performance measures and what are the ..
Discuss why demand curve faced by a Perfect Competitor is assumed to be perfectly elastic and that of a Monopolist less elastic.
Illustrate what are some examples of e-mail differences that causes frustration. Has the Weiner developed an effective comparison essay.
Suppose a country can produce a maximum of 20,000 jumbo airliners or 2,000 aircraft carriers. What is the opportunity cost of an aircraft carrier? If another country offers to trade six planes for one aircraft carrier, should the offer be accepted?
Consider a small nation producing both computers (y-axis) and coffee (x-axis) and facing increasing opportunity costs. Starting from a free trade equilibrium where this nation exports coffee and imports computers, can this nation experience “immiseri..
Illustrate what should be the production level if fixed costs rose to $50,000 per month. Explain.
When an owner of a business uses real personal assets rather than borrowing funds from outside sources to get started in the new business, it is referred to as ____. Angela, a fresh graduate, wants to start a boutique that sells tailor-made garments..
The gross domestic product of countries Babistan, Turma, and Deru are $1,500, $2,500, and $3,500, respectively. There are 1,500 miles between country Babistan and countries Turma, and Deru. Does the gravity equation predict that there will be more tr..
At what stage of the consumer decision process can a marketer focus on creating primary demand for a new product?
Draw a (standard) U-shaped SAC curve, U-shaped SAVC curve, and upward sloping SMC curve for a perfectly competitive firm. Indicate the firm’s short-run supply curve. What will be the effect of an increase in fixed costs on the firm’s supply curve and..
Why is economics considered a social science? What role does economics play in your personal and professional lives?
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