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Demand twisters: Sketch and explain the demand relationship in each of the following statements.
a. I would never buy a Britney Spears CD! You couldn’t even give me one for nothing.
b. I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I’ll buy out the entire stock of the supermarket.
c. I spend more on orange juice even as the price rises. (Does this mean that I must be violating the law of demand?)
d. Due to a tuition rise, most students at a college find themselves with less disposable income. Almost all of them eat more frequently at the school cafeteria and less often at restaurants, even though prices at the cafeteria have risen, too. (This one requires that you draw both the demand and the supply curves for school cafeteria meals.)
Describe the major characteristics of monopolistic competition and oligopoly.
Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.
(a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller Why (b) How does a two-part tariff differ from bundling
Find and expression for the marginal rate of substitution (MRS x,y ) at any point (x, y). Suppose x = 3 and y = 2, what is the MRS x,y ?
With a series of benefit cuts across many firms throughout the economy, some economists argue that nominal wage rates, a major cost of inputs for firms, have been decreasing.
Suppose a market is characterized by a unionized and a non-unionized sector. Both sectors initially have supply given by Q=10,000+25w, and demand by Q=20,000-10w,
Speedy delivery is the package carrier which serves the Midwest It specializes in the delivery of auto parts to independent auto repair shops. It competes against very large firms like FedEx, UPS, and US Postal.
Compute the cash flow for the 20 years for the cogeneration system as an increment relative to the avoided cost of utility electricity and natural gas
Jane receives utility from days spent traveling on vacation domestically (D) and days spent traveling on vacation in a foreign country (F), as given by the utility function U(D,F) = 10DF. In addition, the price of a day spent traveling domestically i..
The division of a large office services company that makes high-end copiers recently signed a five-year, $25 million contract for IT services from CGI Group, a Canadian information technology company.
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
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