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Recall the Application. The British Experience with water privatization showed that:
a. it does not matter how many firms provide water, as all will be profitable.
b. a single firm providing water will be profitable, but two firms will not.
c. two or more firms providing water will be profitable, but a single firm will not.
d. it does not matter how many firms provide water, as none will be profitable. Next
Sarah bakery makes 1000 items a day. Each day Sarah contributes 8 hours to produce those items. If hired, elsewhere Sarah could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs tot..
Suppose a gardener produces both tomatoes and squash in his garden. If he must give 8 bushels of squash to get 5 bushels of tomatoes, then his opportunity cost of 1 bushel of tomatoes is a) 0.62 bushels of squash b) 1.6 bushels of squash c) 3 bushels..
Mass communication has many advantages and disadvantages. Which of the following is NOT a disadvantage? Very expensive when exposures are measured on a per person basis
Find unemployment rate and show HOW:
Ted’s utility function characterizing preferences over apples and bananas is U a,b= 4a + 6b^2. . How many apples does Ted demand if Pa= .5 and Pb=1 , and he has $10 to spend?
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
Starware Software was founded last year to develop software for gaming applications. Initially, the founder invested $800,000 and received 8 million shares of stock. Starware now needs to raise a second round of capital, and it has identified an inte..
The cross-elasticity of demand between American eagle and Hollister is 2.3. What does that tell us about the relationship between these two stores?
What common assumptions guide the Thucydides and Procopius readings regarding how a historian should chronicle a plague? What different assumptions do they possess about both human behavior and the role divine forces play in human history? How do bot..
An oligopoist is correctly charging a price of $100 and is selling 400 units of output per day. If the firm increases price above $100, the demand curve is P=110 - 0.025Q. If the firm reduces price below $100, the demand curve becomes P=140 - 0.1Q. I..
Base states that it is not just technology that changes so quickly, but also the impacts which they have upon society. Do you agree? How does that align with the assertion in the lecture that we are now living in a third great technological transform..
Consider a monocentric city where the cost of commuting is $20 per mile per month. A household located 5 miles from the city center lives in a 1,000 square foot house that costs it $500 per month. Nonland costs per house are $100 per month and there ..
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