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A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by natural chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. The marginal cost of a typical prescription is $40. A typical small pharmacy fills 25 prescription per day. A typical consumer fills 20 prescriptions per year. What economic effects will the limit have on consumers and on pharmacists? Which group is likely to be the more effective advocate for its position?
An indifference curve involving two goods identifies the:
From a long-run production function (e.g., Q = 4K + 2L or Q = K0.5L0.5), which of the following may be determined? the quantity of output resulting from all combinations of inputs (e.g., capital and labor). the combination of inputs (e.g., capital a..
Suppose the current money supply is $6,000. The required reserve ratio is 0.2. The Fed wants to increase the money supply by $600. Determine the following: All underlying work must be shown. What open market operation the Fed would have to take to ac..
Suppose that the RBA decides to respond immediately to the decrease in the price of oil. In particular, suppose that the RBA wants to prevent the unemployment rate from changing in the short run, after the decrease in the price of oil. What should th..
Consider that, in this case, we 1st add (marginal) costs, not quantities, since these are the costs associated with each t-shirt.
The Parliament, the legislature of the fictional country of Verben, is considering legislation that will generate benefits of $15 million and costs of $11 million. For perspective, Verben's population is 60 million. Passing the legislation is EFFICIE..
Training and Friction. Assuming diminishing marginal product of additional workers and diminishing marginal product of additional hours-per-worker, how would a profit-maximizing arm adjust its mix of workers and hours-per-worker in response to [ceter..
Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2, there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q. T..
You work for a nonprofit organization that promotes after-school tutoring for middle school children, and your coworker has asked you to help him determine the equation for the supply of tutoring in a particular neighborhood. He states that his resea..
q.1. as per concepts of production function indicate whether each of the following statements is true or false.
Explain how a monopolist uses price discrimination in an effort to increase its profits. In your answer, you should differentiate between first, second and third degree price discrimination.
What do you think will happen to the price and quantity of DVDplayers. What is the difference between economies of scale and economies of scope? Provide examples for each of them (one example for each of them will be sufficient)?
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