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The technology is now expanding so that road use can be priced through computer. A computer in surface of the road picks up a signal from your car and automatically charges you for the use of the road. a. How could this technological change contribute to ending bottlenecks and rush hour congestion? b. What are some of the problems that might develop with such a system?
Discuss why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.
Interpret the components of mathematical equations that explain the linear programming problem for each of the following:
Think a country that initially consumes one hundred pairs of shoes per hour, all of which are imported. The value of shoes is $40 per pair before a ban on importing them is imposed.
Cost of capital is 12%. Its expects aftertax cash flows (including the tax shield from depreciation) for the next 5 years are:
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
Describe each of the subsequent using supply and demand diagrams.
What is the total product function for Dimex? The average product function? The marginal product function?
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