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Summer open-air concerts are a pure public good in the small town of Mineral Point. The marginal social cost of each concert per night is constant at $500.
a. Explain why it would be inefficient to require each resident of Mineral Point to hire their own orchestra at the $500 rate for each concert.
b. Assuming that the marginal benefit of the first concert is $25 for each of the 1000 residents of Mineral Point, demonstrate that it will be efficient to have more than one concert per summer.
Harlen Industries has a simple forecasting model: Take the actual demand for the same month last year and divide that by the number of fractional weeks in that month. This gives the average weekly demand for that month. This weekly average is used as..
What is cross elasticity of demand? How can it be used to tell if goods are substitutes for each other or complementary to each other? What is the rationing function of prices? Should health care be subject to this type of rationing? Be sure to comme..
Suppose that John Smith gets promoted to a job that causes two changes to occur simultaneously: John earns a higher wage, and a safer environment causes his health to depreciate less rapidly. How would these two changes together affect John’s desired..
Assume that the monopolist has a cost that is always increasing with the quantity produced: C0(q) > 0 for every quantity q. What happens to the monopolist's quantity when the price elasticity of demand is always less than or equal to 1? Justify your ..
Historically the gold standard was the anchor for nearly every traded currency. Explain how the gold standard worked as nations traded domestically and internationally at fixed exchange rates.
What would be the impact of BRICS' proposal for a new World Bank and IMF, if implemented, on US voting power and the dollar? What would be the impact of BRICS' proposal for a new World Bank and IMF, if implemented, on the voting powers of England, Ge..
When stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public," and the market for such stock is called the new issue market.
Illustrate what were some of the marginal benefits that the city would derive as the result of keeping this project alive.
Scenario: The organization's strategic plan calls for an aggressive growth plan, requiring investment in facilities and equipment, growth in productivity, and labor over the next five years. It is your team's task to determine where, outside the U..
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
Give an example of how nations can benefit from trade on the basis of comparative advantage. Explain how both parties can share in the gains from trade.
A cafe catering for staff in a large corporation offers steak sandwiches and hamburgers as part of its menu. Recently corporation staff were awarded a 7.5% wage rise. Since then the cafe manager has noticed that average daily sales of steak sandwiche..
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