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Most of the cost of a new airplane is in the research and development and in building production facilities. By contrast, the marginal cost of producing another plane is relatively low.
a) You have been hired by Boeing to recommend pricing and marketing strategies for a new plane. On one graph: Draw a hypothetical Average Total Cost (ATC) curve, the Marginal Cost curve, and a Demand (MU) curve for the plane. (Hint: The point where Demand intersects MC should be below the ATC curve.)
b) Show the area of net profit (or loss) under perfect competition for planes as the difference between average total cost and the average revenue (or the price). (Note that Boeing’s profit is the number of phones sold times price minus ATC.) What will happen to the price of planes, to sales, and to profits when Airbus comes out with a new plane?? What happens to the industry and the number of companies under competitive conditions? Why?
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Illustrate what do you think causes changes in each of the expenditure (spending) components of GDP thereby causing changes in our economy's output, employment, and income levels.
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Suppose that a country has no public debt in year 1 but experiences a budget deficit of $20 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 4, and a budget deficit of $2 billion in year 5.
How has the development and roles of the World Health Organization made a positive social impact on global health organizations and communities. Provide three examples. The professor has requested a reference as well.
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
What has been the economic effect of marijuana legalization in Nevada, California and all the states that have legalized both medical and recreation marijuana? What similarities or dissimilarities are there, when you compare marijuana legalization wi..
Illustrate what new decision will you make regarding production levels and pricing for your Widget facility.
How do we deter free riders? What is the cost (to society) of free riders? Give an example of a public good that has a large amount of free riders. How can we change this?
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
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