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For the next four questions, consider the market for a type of cooling lubricant used in manufacturing small electronic components. It makes production much cheaper, but it also causes pollution of various types.
The lubricant is produced by a small, perfectly competitive, price-taking firm. It charges a price of $25 per unit and, based only on private costs, produces 8000 units.
Due to the externality that occurs when pollution is created by this production process, a government agency intervenes, saying that when a quantity of 8000 units is produced the firm is creating a marginal social cost per unit of $4. The government recommends that only 6000 units be produced.
Assume throughout that all "curves" are really straight lines. This information will be repeated in future questions for your convenience. For now, use what you know about firms and firm behavior to calculate marginal (private) cost when 8000 units are produced. Carefully follow all numeric instructions.
In 1973, there was an oil supply shock created by OPEC (the Organization of the Petroleum Exporting Countries). Your textbook describes the supply shock.
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
Why might business customers generally be considered morw rational in their purchasing bevavior than ultimate customers? What are the primary concerns of business customers? List several characterisitics thar differentiate business transactions from ..
Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue f..
In the first-order exponential smoothing model, the new forecast is equal to the old forecast plus a weighting factor (W) times the error in the most recent forecast.
Given that a central bank is deemed a necessity in a free market economy should we leave it as it is or place more legislative controls?
The president of the World Bank has asked you to calculate the average per capita GDP growth in Bulgaria from 1970 to 2010. In 1970, per capita GDP was $3,600 and in 2010 it was $13,500. Your answer would be:
Explain how the change in technology affects the long-run price of solar panels.
Harbor Delivery Service Annual comparison of diesel versus gasoline engines.
If the reserve ratio is 10 percent and a bank receives a new deposit of $800, which of the following will this bank most likely to do?
Suppose that the price level relevant for money demand includes the price of imported goods, which in turn depends on the exchange rate. That is, the money market is described by M/P = L(r, Y ), where P = λPd + (1 − λ)(Pf/e). What is the effect on th..
Illustrate what implications would increasing worker protections have upon the ability of American companies to compete globally.
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