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Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variable) must be covered in either circumstance?
Explain how many bushels of corn are purchased by consumers and at what price. How many bushels of corn are purchased by the government and at what price.
a finn purchased some equipment at a price of $30000, the resulted in an annual net saving of $1000 per year during the 8 year period. at the end of the 8th year, the equipment was sold for $40000. assuming interest of 8%. did the equipment purcha..
Identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity. I..
Suppose the cross-price elasticity of demand between goods X and Y is -1. How much would the price of good Y have to change in order to change the consumption of good X by 30 percent?
What political and legal processes must be followed to sell electronics in Taiwan, and are there existing social and cultural structures that will effect business operations?
Calculate the elasticity of demand for your chosen company's automobiles (or choose a specific make / model). Interpret what the demand tells your chosen company's management team.
Assume a (perfectly competitive) firm has production technology given by f(L, K) = √ L + √ K. Assume pK = 1 = pL and compute its (long-run) supply schedule. Where in the analysis do you invoke the assumption of perfect competition?
Mr. Smith has saved $1800 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5000 per year. In the eighth year, he decided to wit..
Pick an existing or proposed environmental policy. Use market failure theory to explain or justify the policy. Then use public choice theory to provide a possible alternative explanation for the policy.
A monopolist operates in an industry where the demand curve is given by Q=1000-2p. The monopolist's constant marginal cost is 8 dollars. What is the monopolist's profit maximizing price? How much does the monopolist produce? What are its profits?
Assume that if the labor market is unregulated, the equilibrium wage for workers who do not have high school education is $5.00 an hour. Assume that the government imposes a minimum wage of $6.00 an hour. Draw a supply-demand diagram that shows what ..
What does equilibrium GDP means? How net exports affect aggregate expenditure in the economy? How prosperity abroad affects our exports? What happens when there is disequilibrium situation? When GDP is less than the equilibrium. When GDP is more than..
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