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As a musician, Mary plans to use JC Music Co.’s service for recording drum sound in her songs. She can use either drum machines or drummers, and they can substitute three drummers with one drum machine. The cost of hiring a drummer is $8 per hour and the rental cost of a drum machine is $12 per hour. To minimize the cost of recording 120 songs (q = 120), how many drummers (L) and drum machines (K) should she use?
Consider the following possible schemes for taxing a monopoly: Explain how each of these taxes would affect the monopolist's profit-maximizing output choice. Would the tax increase or decrease the deadweight loss from monopoly?
If Starbucks raises its price by 6 percent and McDonald’s experiences a 0.6 percent increase in demand for its coffee, what is the cross-price elasticity of demand?
Inflation is not the result but the cause of monetary emission. As there's inflation (because of other reasons not important here), people need more money and the central bank needs to print more money. How can you argue against that? As it seems to ..
What is the equilibrium income level and interest rate. Suppose there is an increase in t from .15 to .20. What will be the change in the equilibrium level of income and interest rate? Suppose there is a decrease in government expenditures (G) from 1..
In the article "How Racism Doomed Baltimore," in the New York Times, the author argues that rather than reflecting a history of racial discrimination policies, the problems in Baltimore stem primarily from the actions of a few rogue police officers. ..
Assume the market for heating energy. This year it is forecasted to be an unusually cold winter. Explain what will happen to the market for heating energy. Identify the effect on equilibrium quantity and price. What happens to the number of firms in ..
If a competing cinema reduced its prices by 10%, how would you expect this action to affect demand at Crown? How should the cinema determine an optimal ticket price?
A bank has a net income (after taxes) of $3.5 million; assets of $150 million; and bank capital of $12.5 million. What is the bank’s (i) return on equity; (ii) return on assets; and (iii) debt-to-equity ratio? Show your work.
Suppose your local espresso bar makes the following offer: People who supply their own half-litre carton of milk can buy a cup of cappuccino for only $1.50 instead of the usual $2.50. As a result of this offer, the quantity of cappuccino sold goes up..
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
What necessarily happens to average quality in a hospital market when the generosity of insurance coverage increases? How does this relate, if at all, to the data about increases in hospital spending through time in the hospital sector?
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
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