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The Internet is affecting holiday shipping. In years past, the busiest shipping period was Thanksgiving week. Now as people have become comfortable with e-commerce, they put off purchases to the last minute and are more likely to have them shipped (rather than to purchase locally). In December 2004, FedEx handled a 40% increase in packages over the previous year (Pia Sakar, "Shippers Snowed Under," San Francisco Chronicle, December 21, 2004, D1, D8). FedEx, along with Amazon and other e-commerce firms, has to hire extra workers during this period, and many regular workers log substantial overtime hours (up to 60 a week).
a. Are a firm's marginal and average costs likely to rise or fall with this extra business? (Discuss economies of scale and the slopes of marginal and average cost curves.)
b. Use side-by-side firm-market diagrams to show the effects on the number of firms, equilibrium price and output, and profits of such a seasonal shift in demand for e-retailers in both the short run and the long run. Explain your reasoning.
Suppose the demand for a firm's product is estimated to be P = 200 - 2Q from which it can be shown that TR = PQ = 200Q - 2Q2 . The cost of producing and selling the product is known to be TC = 625 + 50Q + 3Q2 .
Is there an efficiency gain compared with your answer in the previous question? Use the estat abond command to test whether the errors air are serially =correlated. Use the estat sargan command to test whether the model is correctly specified.
Explain what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well): a. The price of Coke decreases. b. Average household income falls from $50,000 to $43,..
Considering the economic costs of shopping, which option is better, i.e., shopping in Kuala Lumpur or shopping at Klang, Selangor?
Suggest an O(m) algorithm for identifying all components of a (possibly) disconnected graph. Design the algorithm so that it will assign a label 1 to all nodes in the first component, a label 2 to all nodes in the second component, and so on. (Hin..
The steel end-cap is fitted into grooves cut in the timber post. The working stresses for the post are 1:8 MPa in shear parallel to the grain and 5:5 MPa in bearing perpendicular to the grain. Determine the smallest safe dimensions a and b.
Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples.
Explain how the variety of building types that sprung up can be attributed, at least in part, to the potential for moral hazard.
Verify that the total annual costs aggregated from individual test costs equal the total annual costs of the laboratory given in the table above
Can you "beat the market" with public information? That is, can you use publicly available information to help you buy something cheap and quickly sell it at a higher price? Why or why not?
The demand function for widgets is given by D(P) = 16 - 2P. Compute the change in consumer surplus when the price of a widget increases from $1 to $3. Illustrate your result graphically.
One of the bidders, let's say it is Alice, is a friend of the auctioneer. If Alice is not the high bidder then Alice loses, just like all the other low bidders. So far, nothing special. Now for the twist. If Alice is the high bidder, the auctioneer t..
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