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The city of Econville has three bookstores on the Main Circle that is 1 mile long. The bookstores have no costs. The distance between any two neighboring stores is the same and equal to 1/3 miles. There are 100 residents uniformly located along the Main Circle. Each resident rents one book per day provided that the price charged is no more than $5. If a consumer is located s miles from a store the transportation costs in getting a book from that store is $.50s. What price will the three stores set given they act as price competitors? What profits do they earn?
You want to study the effect of education on earnings (yit = earnings). You have panel data on annual earnings for many workers. You think earnings will depend on age, education, and union status and you run that regression.
Suppose there is a linear downward-sloping demand curve and a linear upward-sloping supply curve for a good. The price of a substitute good increases and the price of an input to production also increases. Graph the original demand and supply curves,..
Not too long ago Hurricane Sandy hit the northeast portion of the United States, causing serious and costly damage. Given what you've learned this week, what can we conclude probably happened to the price of portable generators? To the price of food?..
Oak entertainment is the only movie theater in a small town. The firm can screen movies at a constant average and marginal cost of AC = MC = 10. The firm faces a demand curve given by: Q = 85-0.5P. Calculate the firms profit maximizing price and outp..
The Performance by Patrice (PbP) Company purchased a Centaur Computer controlled manufacturing milling machine for $635,000 for use in its rear end manufacturing operations on November 8, 2007.
Suppose that soda producers can choose between using cane sugar or corn syrup as sweeteners. If the price of corn syrup rises, what impact would you expect this to have on the demand for cane sugar? Briefly explain. If the price of cane sugar rises, ..
When income falls, the demand for an inferior goods. Elasticity of supply looks at
Describe the pros and cons of protectionism and free trade. Discuss which you feel is better for the economy? Why?
Let's assume you want to open one of the following new businesses. What form of business ownership would you choose for each business? Why?
A firm’s cost function is C = 5Q + 0.1Q^2. Suppose the market price is $10. How many units will be produced by this firm to maximize its profit? Is this firm in the long run or in the short run? What is the lowest price at which the firm will produce..
Consider a firm for which production depends on two normal inputs, labor and capital, with prices w and r, respectively. Initially the firm faces market prices of w = 6 and r = 4. These prices then shift to w = 4 and r = 2. In which direction will th..
q.specialty steel has carefully measured production in its new plant to determine whether it is technically efficient
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