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Suppose you own a television factory and at your current level of output you have average total cost of $800 per television, average variable costs of $700 per television, and a marginal cost of $400. If the price your buyers are willing to pay is $500, should you decrease or increase production?
Theory suggests that, in the absence of market failures, placing an excise tax on the market for a good leads to a deadweight loss for society. Think about a situation where the government instead subsidizes the purchase of the good. This subsidy is ..
Illustrate what does such a combination mean to this economy. Explain in detail being sure to discuss such a combination relative to resource utilization and efficiency.
When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. And in many cases, labor time spent with a cus..
Explain how is the equilibrium level of national income determined in the Keynesian cross model? What are the major limitations of this model.
Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
Discuss At least two products for each country that have provided China, Germany and the US an absolute advantage in trade.
Many manufacturers of clothing and other consumer goods open stores in outlet malls where they charge much lower prices than they charge in their own stores located within cities. Outlet malls are typically located a considerable distance from major ..
Does the natural environment play any role (or any significant role) in the development of religious beliefs? Explain providing some examples. Why do some religions prohibit or encourage the consumption of certain plants and/or animals? For example, ..
Choosing our hours of work is a luxury that not everyone has access too. Consider the situations where individuals can only choose between a full time job (40h/week), a part-time job (20h/week) or not working at all. Does this restriction impact t..
The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000. Then what is the income elasticity of wheat?
Sheryl spends all her leisure time and all her money on sailing. She doesn’t value leisure time if she can’t sail, and she can only sail if she has leisure time. Sailboat rentals cost $10 per hour, and Sheryl earns W per hour. How many hours will she..
Supply and Demand in the U.S. Car Market. Please include a graph showing the initial equilibrium and the new equilibrium with the corresponding price and quantity and an explanation to support your answer.
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