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You own a franchise of rental car agencies in Florida. You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by air rent automobiles. Travelers not planning ahead often have great difficulty finding rental cars due to high demand. However, during non-winter months tourism drops dramatically, and travelers have no problem securing rental car reservations. Peak-load pricing is a kind of price discrimination to make additional profits by capturing consumer surplus.
Which months between the peak months and the off-peak months do you think the price elasticity of demand is more elastic? Why?
What is the total market demand for polyglue at the price established by Alchem in Part (a). How much of the total demand do the follower firms supply?
Either an increase in demand with the supply curve held constant or a decrease in supply with the demand curve held constant will raise a market's equilibrium price.
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City home-less shelters. Table 2P-1 shows their weekly production possibilities in providing emergency goods to NYC homel..
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
Hy Marks buys a one-year government bond on January 1, 2012, for $500. He receives principal plus interest totaling $545 on January 1,2013. Suppose that the CPI is 200 on January 1, 2012, and 214 on January 1, 2013. Find the nominal interest rate, th..
Willy owns a small chocolate factory, located close to a river that occasionally floods in the spring, with disastrous consequences. Next summer, Wily plans to sell the factory and retire. The only income he will have is the proceeds of the sale of h..
A consumer’s preferences are summarized by the utility function U = X2Y (then MUX = 2XY and MUY = X2 ). Assume that M = 120, PX = 4, PY = 2. a. What is this consumer optimal choice?
Suppose the economy slips into a recession and the Fed takes action to stimulate the economy. What would specifically would the Fed normally do if they took an active approach to monetary policy (don’t base your answer on the most recent recession wh..
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Luxembourg imports a good at a world price of $10 each. The domestic supply curve is S = 50 + 5P where P is in Ecu and lEcu = $1. Demand curve is D = 400 - 1OP. Draw demand and supply curves for this good and indicate how much is imported.
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles.
The slope of the AE curve is .80. What is the expenditure multiplier? Everything else the same, by how much does equilibrium aggregate expenditure increase if
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