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Rational Behavior assumes "perfect" behavior on the part of human beings who are notoriously imperfect. For what reasons are they like this?
The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that
For a linear (inverse) demand function, increases in output will cause total revenue to increase when marginal revenue is:
Will price be lower or higher as such an agreement in long-run equilibrium than would be the case if firms didn't collude.
You are currently using three printing presses and five employees to print 100 sales manuals per hour. If the MRTS at the point is 0.5 (capital is on the vertical axis of the isoquant map) the you would be willing to exchange _______ employees for on..
Which of the following might explain why the government would create a price ceiling for a certain good?
Apple Computer wants to have $2.1 billion available 5 years from now to finance production of a handheld “electronic brain” that, based on your behavior, will learn how to control nearly all the electronic devices in your home, such as the thermostat..
Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds pr..
Currently, boats rent for $500 per day and workers cost $100 per day. Suppose your company decided purchase 12 shrimp boats (Jenny 1 - Jenny 12). These boats are a fixed resource for the firm. Illustrate what is the short run total cost of produci..
What do researchers have to say about the relation between a firm’s productivity and exposure to global competition? Provide 2 real- world examples in which international trade lead to increases in productivity for a firm or industry.
Calculate the original market equilibrium price and quantity in absence of the price support policy.
Suppose a price-taking firm faces a market price of P = $70 and has a total cost function given by: Algebraically derive the firm’s fixed cost, average cost and marginal cost functions. What quantity will the firm produce? Compute the revenues, costs..
(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delivered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming th..
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