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1. a. Suppose the marginal social cost of television sets is $100. This is constant and equal to the average cost of television sets. The annual demand for television sets is given by the following equation: Q 200,000 500P, where Q is the quantity sold per year and P is the price of television sets. If television sets are sold in a perfectly competitive market, cal- culate the annual number sold. Under what circum- stances will the market equilibrium be efficient? b. Show the losses in well-being each year that would result from a law limiting sales of television sets to 100,000 per year. Show the effect on the price ,marginal social benefit, and marginal social cost of television sets. Show the net loss in well-being that will result from a complete ban on the sales of television sets.
2. Suppose perfect competition prevails in the market for hotel rooms. The current market equilibrium price of a standard hotel room is $100 per night. Show that the current market equilibrium is efficient, assuming that both the marginal cost incurred by sellers and themarginal benefit perceived by buyers reflect all costs and benefits associated with production and use of hotel rooms. Suppose a $10 per night tax is levied on hotel occupancy. Show how this tax will prevent the market from achieving efficient output. Show the loss in net benefits from hotel use resulting from the tax.
In the following situations, two parties claim the same goods. Discuss who is most likely to prevail in each circumstance. Explain the basis for your response. Olan steals Phil’s television set and sells it to Quincy, an innocent purchaser, for value..
With the gasoline time series data from Table 15.1, show the exponential smoothing forecasts using a = 0.1. Are the results the same if you apply MAE as the measure of accuracy? What are the results if MAPE is used?
Total costs were $73,000 when 28,000 units were produced and $96,000 when 36,000 units were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units.
Parts Inc., produces cooking oil. a planner has developed an aggregate forecast for demand (in cases) for the next four months months march 1200 april 9800 may 5200 june 18000. Develop an aggregate plan using a level production to compute the total c..
What do you know about these cultures-specifically their economic, political, educational, and social systems-that could help you in getting them together
Describe the ABC inventory system. How is it used to manage inventory? Do you think that it is valid to treat inventory under the Pareto analysis rule (a.k.a. the 80/20 rule)?
If your Web page includes music or sound effects,
Pretend to be an observer of a successful class meeting. Write down everything that took place. Include the grade level, the time, ground rules, the issues, student interaction and outcomes of the meeting.
In the last few years, McDonald’s has made a lot of changes to its menu, adding more healthy choices and more higher-priced items, such as those offered in McCafé (e.g., premium roast coffee, frappé, and fruit smoothies), and has also enhanced its in..
When is management science generally applied. What kinds of problems do management scientists face. Provide an example of a "problem" an organization you have been involved with has faced
Are there any personality types that leaders should avoid recruiting among organizational members? Please provide reference sources for information provided.
The quantity or weight of various ingredients - otherwise, estimate the quantities
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