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According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year. Child safety concerns have kept auto manufacturers from making side-impact airbags standards equipment, though they are optional on most middle to higher-market automobiles. Openly critical comments by General Motors Ron Zarrella that other manufacturer's airbag systems inflate too powerfully and present a potential hazard to children have led to an industry wide study aimed at devising a common set of safety standards for side-impact airbag systems. Part of the trick of developing a set of standards that will protect both adults and children equally is getting the industry to agree on a single set of standards. Suppose that such standards are developed and that Ford and GM most simultaneously decide whether to make side-impact airbags standard equipment on all models. Side-impact airbags raise the price of each automobile by $500.00. If both Ford and GM make side impact airbags standards equipment, each company will earn profits of $1.5 billion. If neither adopts the side-impact airbag technology, each company will earn $0.5 billion (due to lost sales to other automakers). If one company adopts the technology as standard equipment and the other does not, the adoption company will earn a profit of $2 billion and the other company will lose $1 billion. If you were a decision maker at GM, would you make side-impact airbags standard equipment?
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
Give three reasons why firms produce in Germany rather than in a lower-wage country.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
What is the inflation rate in Home? In Foreign? What is the rate of change in the nominal exchange rate? Which currency is expected to appreciate? At what rate? Explain.
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect While visiting Comic Con.
Find the equation of the new demand curve for Chevrolets. What is the relationship between D C and D' C ? What explains this relationship?
You are the manager of a firm that produces products X and Y at zero cost. You know that different types of consumers value your two products differently.
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