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Since Herbert Mohring regards the cost of widget capital as the fixed cost effectively, what can you conclude about the relationship between economic profits, quasirents and the cost of capital?
The investors in exercise 2 are surprised by firm's performance in year 5. Instead of being $20 million, the firm's profits are $40 million. What happens to firm B's stock price in year 6 and 7?
Write a program which can conversion of values from kilometers to meters?
Consider a market with demand function D(p) = 1000 ? 10p and aggregate supply function S(p) = ? 200 + 20p if p ? 10 [and S(p) = 0 otherwise]. Compute the competitive equilibrium price and quantity, as well as the equilibrium value of consumer surplus..
Refer to the following table. The externality created by the production of refrigerators was $100. However, once both the private and additional external costs were taken into consideration, the market price increased by only $50. If the external cos..
Our recent recession seems to demonstrate again that expenditures and incomes depend on each other. If markets do not self adjust, how can a decline in spending lead to a negative process that ruins an economy? (Consider referencing the "Keynesian Cr..
John’s utility of income function is U(I) = 10√I(10 sqroot I). Is John risk averse, risk loving, or risk neutral? First answer based on the shape of the utility function, then consider the following scenario. Assume that John owns a lottery ticket th..
China's entry into the World Trade Organization in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What implications do you think the elimination of the quota on rubber ..
Some people (e.g., Hayek) argue that decentralization of economic decisions in the economy leads to an efficient resource allocation. What differences exist within the firm that make the link between de- centralization and efficiency less clear?
Problem associated with first video: Increasing transformation Consider the following utility function u(x1, x2) = x1x2. Calculate the MRS for this utility function. Compute and compare the MRS for the bundles (x1, x2) = (1, 2) and (x1, x2) = (2, 1)...
Elucidate what is an economic system in which economic decisions are controlled by the internal interaction of suppy and demand.
A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. if sales of domestically produced automobiles do expect U.S auto makers to sell nex..
How is efficiency related to the number of firms in an industry characterized by strong economies of scale? Efficiency is unrelated to the number of firms in the industry and therefore unrelated to economies of scale.
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